New bid for Titan storage assets

The saga of the restructuring of debt-ridden fuel trading and logistics company Titan Petrochemicals Group and its crown-jewel fuel storage unit has taken a new twist, with creditor US private equity firm Warburg Pincus forming a joint venture with Titan Petrochemicals' r

Wednesday, 15 August, 2012, 11:23pm

HK$175m offer to take over suspended Titan

Guangdong Zhenrong Energy, a unit of state-owned commodities trader Zhuhai Zhenrong, has offered to pay HK$175 million to take over debt-troubled fuel trading and logistics firm Titan Petrochemicals Group.

The proposed price represents a discount of about 99 per cent to the price Hong Kong-based Titan Petrochemicals shares last traded before they were suspended.

15 Aug 2012 - 11:15pm

Warburg sues Titan for breach of contract

US private equity firm Warburg Pincus, a substantial investor in Titan Petrochemicals Group, is suing the debt-laden fuel-trading and logistics firm and its former chairman Tsoi Tin-chun for misrepresentation and breach of contract over 1.48 billion yuan (HK$1.82 billion) in alleged unauthorised debt guarantees.

21 Jul 2012 - 12:00am

Titan may have white knight in Zhenrong

Guangdong Zhenrong Energy, a unit of state-owned commodity trading firm Zhuhai Zhenrong, has offered to buy at least 51 per cent of debt-laden Titan Petrochemicals for up to HK$200 million, with Singaporean businessman Tsoi Tin Chun surrendering control of the troubled fuel-trading and logistics company.

19 Jul 2012 - 12:00am

Agenda - Product Design

Starck contrast

7 Nov 2008 - 12:00am

Titan sinks into loss on lower rates

Oil and chemicals trading and logistics firm Titan Petrochemicals Group plunged into a net loss last year on the back of lower tanker rates, higher fuel costs and lower trading margin.

The company, 13.25 per cent owed by United States-based private equity firm Warburg Pincus, yesterday posted a HK$29.1 million net loss, compared with a profit of HK$100.33 million in 2006.

25 Apr 2008 - 12:00am

Titan Petrochemicals banks on returns from US$170m acquisition

Titan Petrochemicals Group, which will seek shareholders' consent this Friday to buy a new shipbuilding, repair and offshore oilfield engineering business from its majority shareholder for US$170 million, expects the business to return its investment within five years, said chief executive Barry Cheung Chun-yuen.

8 Oct 2007 - 12:00am

Titan diversifies with US$170m shipyard deal

Titan Petrochemicals Group said it would buy its parent Titan Oil's shipbuilding start-up venture for US$170 million as it seeks to further diversify from the volatile crude oil transport business.

The announcement came as Titan Petrochemicals reported a 25 per cent decline in first-half underlying profit to HK$48.4 million.

4 Sep 2007 - 12:00am

Corrections & clarifications

In the report 'Warburg buys Titan stake for US$175m' on B4 yesterday, Titan Petrochemicals Group's net profit last year should have read HK$100 million.

30 Mar 2007 - 12:00am

Warburg buys Titan stake for US$175m

Titan Petrochemicals Group, a Hong Kong-listed crude oil carrier, has agreed to sell about one-fifth of the company and half of its oil storage business to US private equity firm Warburg Pincus for US$175 million.

29 Mar 2007 - 12:00am

Titan earnings decline amid higher interest, fuel costs

Titan Petrochemicals Group, which operates crude oil tankers and is expanding into storage facilities in the mainland, said underlying profit fell 22.47 per cent in the first half due to higher interest and fuel costs.

31 Aug 2006 - 12:00am

Business Digest

Pccw mobile's 3g tariff not much to talk about

PCCW Mobile has begun offering monthly 3G tariff plans providing 2,000 voice minutes for HK$198, 4,000 minutes for HK$298 and 10,000 minutes for HK$498.

1 Aug 2006 - 12:00am

Ship clamps shut on the butt of a cosmic joke

It's hard to believe no one objected, but it's for real.

My boss received an email yesterday with this photo attached, and you'd be forgiven for thinking it was an April Fool's Day joke.

But no, Titan Uranus is a real oil tanker with a gross tonnage of 137,746 and is registered as HK-1325 with the Marine Department in Hong Kong.

2 Apr 2005 - 12:00am

Spy satellite flop a $7.7b embarrassment

The US intelligence operations have been dealt another serious blow with the failed launch of a key eavesdropping satellite.

The explosion of an air force rocket during lift-off last week has made a US$1 billion (HK$7.7 billion) hole in the Pentagon budget and has hurt Washington's capability to spy on key targets.

17 Aug 1998 - 12:00am