Titan appoints financial advisor for GDZR deal
Titan Petrochemicals Group Ltd. (Titan) today announced that Hong Kong based Altus Capital Limited (Altus) has been appointed as the firm's independent financial adviser, Ship & Bunker reports.
Altus will advise Titan's Independent Board Committee on Guangdong Zhenrong Energy Co. Ltd's (GDZR) share purchase proposal and "in particular as to whether the offers are fair and reasonable and as to the acceptance of the offers."
Titan said yesterday that GDZR had reached agreement with Warburg Pincus, LLC (Warburg Pincus) entity Saturn Petrochemical Holdings Limited (SPHL) over the acquisition of its interests in Titan Listco Preferred Shares.
GDZR, who is acting through its wholly owned Fame Dragon International Investment Limited entity, will also purchase Neptune Storage Limited who earlier this month acquired certain assets of Titan's StorageCo entity via a BVI court sanctioned sale.