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Guangdong Zhenrong Energy Co. Ltd. and Titan Petrochemicals Group Limited Announce Statement in Relation to the Poll Results from the Special General Meeting

Titan Petrochemicals Group Limited
2013-03-03 17:02 2627
 

HONG KONG, March 3, 2013 /PRNewswire/ -- Guangdong Zhenrong Energy Co. Ltd. ("Guangdong Zhenrong") and Titan Petrochemicals Group Limited (HKEx: 1192: "Titan" or "the Company") would like to make the following statement in relation to the poll results from the Special General Meeting ("SGM") held on 28 February 2013:

  1. Guangdong Zhenrong has endeavored to resolve the challenges that Titan has been facing ever since it became the "white knight" of Titan in July 2012. Significant progress has been achieved, underscoring Guangdong Zhenrong's unswerving commitment. These include:
    • The share subscription and the debt restructuring proposals, and
    • The purchase of Mr. Tsoi Tin Chun's stake in Titan, making it the largest shareholder of the Company.
  2. Running parallel to these, Titan took the decisive step to strengthen its Board and management team as early as July last year in order to bolster the Company's operational management. At the same time, the Company has made several appointments and personnel changes at the operational level, with an aim to resolving the Company's debts, lingering business issues and multiple litigations, while seeking to establish a solid business platform from which to fully leverage Guangdong Zhenrong's strengths.
  3. Titan regrets that the resolutions were not passed at the SGM.
  4. The poll results have not deterred Guangdong Zhenrong's commitment and have no impact on its capability in investing in Titan. As the largest shareholder of Titan, Guangdong Zhenrong's commitment to restructure Titan remains absolute and unchanged.
  5. Guangdong Zhenrong and Titan are proactively considering alternative funding and restructuring proposals, and will make timely announcements as and when appropriate.
  6. With the best interests of all shareholders, creditors and employees in mind, Guangdong Zhenrong aims to maintain a stable platform for Titan to ride out the current turbulent conditions and develop its business for the long-term.

Please visit www.petrotitan.com or www.hkexnews.hk for more information.

Media Contact:

RLM Finsbury
Alastair Hetherington, Canny Lo, Karen Yu, Jason Tse and Erin Tan
Phone Number: +852-3166-9888
Email: titan@rlmfinsbury.com

Source: Titan Petrochemicals Group Limited
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