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.

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