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Titan seeks to expand oil trading business.
(From Lloyds List)
Byline: Shareholder approval sought for subsidiary to buy oil company, writes Keith Wallis in Hong Kong
TITAN Petrochemicals, which operates 29 very large crude carriers totalling 2.38m dwt, is seeking shareholder approval to expand its oil trading business with the purchase of another company owned by its majority shareholder, Tsoi Tin-chun, for US$25m.
The Hong Kong-listed firm said a Singapore subsidiary, Petro Titan, planned to acquire Titan Oil.
This move would allow it to 'gain an oil trading presence in Singapore'.
Further justifying the acquisition, Titan Petrochemicals chief executive Barry Cheung Chun-yuen told shareholders this week: 'Complemented by the group's floating storage units and expanding fleet of VLCCs, the group would be well on the way to becoming a one-stop shop for downstream oil services.'
Stockholders vote on the plan, which has been approved by a three- member independent board committee, on December 15.
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