Titan Petrochemicals Acquires Jiangsu Hongqiang Heavy Industry

 

Via splash247.com

Titan Petrochemicals has entered into a sale and purchase agreement with Sino Team Investment Development for the acquisition of Gold Dragon Enterprise Development for HK$21m ($2.7m) in a cash plus shares deal.

Following the completion of the acquisition, Gold Dragon, which indirectly controls full equity of Jiangsu Hongqiang Heavy Industry, will become a subsidiary of Titan Petrochemicals.

Nantong-based Jiangsu Hongqiang Heavy Industry is a shipyard mainly engaged in the business of shipbuilding and manufacturing of steel structures.

Titan Petrochemicals believes the acquisition will enable the company to resume its shipbuilding business immediately and help the company build up its capability and track record, while the deal will also bring in an experienced shipbuilding management and operation team.

Read more…

Editorial Team

Our Editorial Team curates "news you can use" from hundreds of local newspapers, magazines, blogs and online sources, press releases, radio and TV news shows from around the world. We take great pride in being providing Daily Business Intelligence that's all business and no politics.