Titan ... Jul10

Honam Petrochemical Corp, South Korea’s second-largest ethylene maker, agreed to pay 1.5 trillion won (US$1.25 billion) to buy Malaysia’s Titan Chemicals Corp. in a push to increase revenue from overseas markets.

The Seoul-based maker of the chemical used in plastics and synthetic fibers has signed an agreement to acquire a 37.3 per cent stake in Titan from Chao Group and a 35.3 per cent holding from Permodalan National Bhd, Honam said in an e-mailed statement today.
It will make an unconditional takeover offer to Titan’s remaining shareholders.

Meanwhile, Bernama reports that Permodalan Nasional Bhd (PNB) and its unit trust funds as well as The Chao Group, have already disposed of their stakes totalling 72.3 per cent in Titan Chemicals Corp Bhd to Honam Petrochemical Corp of South Korea for RM2.94 billion.

PNB and its unit trust funds collectively held about 35.3 per cent and the rest by The Chao Group through Union Harvard Investments S.R.L. and CGDC Investments Corp.

The Chao Group's stakeholder said the company would dispose of the shares at RM2.35 apiece.