Logistics, transportation, distribution and marine services provider for petrochemical products in the Asia Pacific region Titan Petrochemicals Group Limited (the Company) referred to its July 17 press release in which, among other things, the Company announced that it had been in discussions with an Asian-based leading offshore oil rig manufacturer (Asian Oil Rig Manufacturer) with respect to possible cooperation arrangements in the oil rig manufacturing business and the utilization and adaptation of the production facilities at the shipyard in Quanzhou, China (the Shipyard) owned by one of the Company’s subsidiaries, Titan Quanzhou Shipyard Co., Ltd. (TQS) for such purpose.
The Company is pleased to announce Nov. 7, the Company, the Asian Oil Rig Manufacturer and another party entered into a memorandum of understanding in relation to the long-term cooperation in the management and operation of the Shipyard for the business of the world class oil drilling platforms production, offshore oil production engineering equipment and ship conversion (the MOU).
The MOU is non-legally binding except for certain provisions such as confidentiality and governing law. The implementation of the transactions under the MOU (Possible Transactions) are subject to execution of formal legally binding agreements to be agreed upon by the parties by Dec. 31 or such later date as the parties may agree (Definitive Agreements).
There is no assurance that the Definitive Agreements will be entered into by the Company or the Possible Transactions will materialize or be consummated. Further announcement(s) in relation to the implementation of the MOU will be made by the Company as and when appropriate in compliance with the Listing Rules.
Continued Suspension in Trading
Trading in the ordinary shares of the Company was suspended with effect from 9:00 a.m. June 19 and will remain suspended until further notice.
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