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Honam and Titan chemical reach a polymer acquisition

Kuala Lumpur, Malaysia (July 20, 2010) Honam Petrochemical Corp of South Korea made an unconditional acquisition offer to Titan Chemical Corp of Malaysia. The two sides have reached an agreement that Honam will buy 72% of the shares of this polymer manufacturer from the majority shareholder of Titan

based on the price of 2.35 ringgit (4.94 yuan) per share of Titan, the total offer price of Honam is 2.94 billion ringgit (6.18 billion yuan)

honam has reached an agreement to acquire 37.3% of Titan's shares from Taiwan's chaogroup company, and 35.3% of steel raw material spot market rising steadily on March 2 from Malaysia's state-owned fund investment companies permodalannationalbhd and amanahrayatrusteesbhd

honam company acquired a total of common shares of Titan company

Honam expects to acquire the remaining Titan shares from the open market at the price of ringgit 2.35 per share (RMB 4.94) by November according to the Malaysian M & A regulations

honam president and CEO of Honam bumshick said that Titan would delist from the Kuala Lumpur Stock Exchange once it bought all its shares

honam is now expanding its global polymer business through the acquisition of Titan

honam's products include polyethylene, polypropylene, pet, polycarbonate and ethylene oxide/ethylene glycol (eo/eg)

titan company produces benzene in pasirgudang, located in the southern industrial zone of the Malay Peninsula. The results of a survey from the China Flame Retardant Society show that toluene, PE, PP and butadiene. Pttitan, based in Indonesia, also produces PE

According to Titan, GoldmanSachs (Singapore) Pte has been entrusted as the international financial adviser of the acquisition, and GoldmanSachs law firm as the legal adviser

at the same time, Titan said that affected by the shrinking profit of polymerized naphtha, its after tax profit in the first half of this year as of June 30 plummeted to 172.6 million ringgit (362.37 million yuan) from 312.8 million ringgit (656.76 million yuan) in the same period last year, a year-on-year decrease of 49%

monthly sales increased by 34% to 3.36 billion ringgit (7.05 billion yuan)

according to the company's prediction, although the launch of new polyolefin production capacity in the Middle East and China will further squeeze profit margins, the demand for polymer products will remain stable in the second half of this year

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