HONG KONG, Dec. 8, 2014 /PRNewswire/ -- Titan Petrochemicals Group Limited (HKSE stock code: 1192, "Titan" or "the Company", together with its subsidiaries the "Group") is pleased to announce that it has obtained conditional approval from the Hong Kong Stock Exchange (the "Stock Exchange") by a letter dated 1 December 2014 which allows the Company to proceed with the Resumption Proposal. Titan has gained creditor's approval for the scheme of arrangement under section 99 of the Company's Act which was sanctioned by the Supreme Court of Bermuda on 5 November 2014 (Bermuda time).
The Stock Exchange has decided to allow the Company to proceed with the Resumption Proposal subject to the fulfillment of a number of conditions to the satisfaction of the Listing Division by 31 May 2015:
1. completion of the transactions under the Resumption Proposal;
2. completion of the internal control review indicating no material deficiency;
3. withdrawal or dismissal of the winding up petition and discharge of the provisional liquidators;
4. inclusion in a circular to the Shareholders:
(a) profit forecast for the two years ending 31 December 2015 and 2016 together with reports from the auditors and the financial adviser under Rules 14.62(2) and (3);
(b) a pro forma balance sheet upon completion of the Resumption Proposal; and
(c) a statement from the Directors (including the proposed directors) confirming working capital sufficiency for at least 12 months from trading resumption and a comfort letter from the auditors on the Directors' statement.
The Company will publish announcements on the details of the Resumption Proposal as and when appropriate.
Titan's Chairman and Chief Executive Mr. Zhao Xu Guang said, "The Group suspended trading since June 2012 due to tremendous financial distress. The new board being formed in early July of that same year, with the unreserved support of the 'white knight' Guangdong Zhenrong Energy Co. Ltd ('Guangdong Zhenrong'), takes the lead and works hand-in-hand with our colleagues and professional teams on uphill path filled with challenging obstacles, overcoming various legal proceedings and winding-up petitions, legacy assets and management problems, meanwhile, developing the Company's market strategies and a solid foundation on business development. The Scheme, with support from the Scheme Creditors, has been sanctioned by the Bermuda court. With this conditional approval from Stock Exchange, the Company will take steps to satisfy the necessary conditions and procedure within the timeframe which would positively affirm the interest of our shareholders and creditors. We will continue to make every effort to work on the resumption of trading in a proactive and proper manner."
About Titan
Titan Petrochemicals Group Limited, listed on the Hong Kong Stock Exchange (Stock Code: 1192), is working on a series of restructuring plans with the support of Guangdong Zhenrong Energy Co. Ltd. In addition, Titan formed a strategic alliance with Keppel Offshore & Marine Ltd, a wholly-owned subsidiary of Singapore-listed Keppel Corporation Limited. The co-operation with Keppel O&M will further enhance Titan's position in becoming a leading solutions provider in the offshore and marine industry in Asia Pacific region, in particular, in China.
Guangdong Zhenrong Energy Co. Ltd, the largest shareholder of the Company, is a bulk commodities, energy and resources trading company, principally involved in the trading of oil products, non-ferrous metal erials, coal, chemical products among other products or services. It is a registered trader of crude oil, ned oil, coal and other chemical products, and is also involved in PRC and overseas with products in oil refineries and, storage facilities, together with logistics and other resources related thereto.
