Titan Chemicals’ shareholders in 'informal' talks with third party

18 June 2010 09:11  [Source: ICIS news]

SINGAPORE (ICIS news)--Titan Chemicals' major shareholders – Taiwan’s Chao Group and Permodalan Nasional Berhad (PNB) – are in “informal talks” with a third party, a company source said on Friday commenting on a reported proposal of divestment.

The source, however, declined to comment on whether the proposal involved the two shareholders selling their stakes in Titan Chemicals as reported by Malaysian English-language daily The Star on 17 June.

Chao Group and Malaysian fund management firm PNB hold 37.4% and 30.2% stake respectively in Titan Chemicals, The Star said.

Titan, in a response to the newspaper report, told domestic bourse Bursa Malaysia on Thursday that the company was not "presently" contemplating any corporate proposal.

“There is as yet no outcome, event or other development from such discussions,” it said in the statement.

“In addition, we have not received any proposal from any other person concerning our shares or business,” it said.

Titan added that it would make an announcement, if warranted, by "events or developments", at an appropriate time.

Titan Chemicals is Malaysia’s largest integrated producer of olefins and polymers.

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By: Nurluqman Suratman



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