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' rWednesday, 15 August, 2012, 11:23pm
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
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
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
Starck contrast7 Nov 2008 - 12:00am
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 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 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
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
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