21 MARCH 2005
TITAN CHEMICALS GETS SC APPROVAL FOR LISTING ON MAIN BOARD

Titan Chemicals Corp. Bhd. (formerly known as Titan Petrochemicals & Polymers Berhad), today announced that it has received the approval of the Securities Commission for its proposed listing on the Main Board of Bursa Malaysia Securities Berhad.

Titan Chemicals was the first and is the largest integrated producer of olefins and polyolefins in Malaysia, as well as the second largest polyolefins producer in Southeast Asia.  Titan Chemicals produces a wide portfolio of polyolefins which are used in a variety of consumer and industrial applications, including packaging film, trash bags, automotive parts, plastic bottles and caps, and compounds for wire and cable insulation.

Mr Donald M. Condon, Jr., Managing Director of Titan Chemicals commented, ”Having been in operations in Malaysia since 1990, Titan Chemicals is an established integrated petrochemicals producer and well positioned throughout the region, including major markets like China, Vietnam, Bangladesh and the Middle East.  We are delighted to receive the approval of the Securities Commission, which will enable us to capitalize upon the strength of our business and the established ‘Titan’ brand name.” 

Commerce International Merchant Bankers Berhad and Goldman Sachs (Singapore) Pte are the Joint Global Co-ordinators and Joint Book-runners for the proposed IPO and Commerce International Merchant Bankers Berhad is the financial adviser.  Additionally, DBS Bank Ltd and Mayban Securities Sdn Bhd have also been appointed as Joint Book-runners for the IPO.

Titan Chemicals presently operates eight plants on two integrated sites in Pasir Gudang and Tanjung Langsat in Johor, which are connected by a 12-km network of pipelines.

Titan Chemicals operates two principal business units, namely polyolefins, olefins and aromatics.  It has annual olefins production capacity of over 964,000 metric tonnes, and polymer capacity of 900,000 metric tonnes. In addition, it has an aromatics plant that produces 200,000 metric tonnes of benzene and toluene.  These products are fundamental to the production of many diverse consumer and industrial products including flexible and rigid packaging, fibers and automotive parts.

Founded in 1988 by Datuk T.T. Chao, Titan Chemicals has as its main shareholders PNB Equity Resource Corporation (PERC), a wholly owned subsidiary of Permodalan Nasional Berhad, one of Malaysia’s largest investment holding company and unit trusts manager.  The Chao Group led by Datuk T.T. Chao has more than fifty years of international experience in the chemical industry, having established and presently operating several distinct petrochemical and plastics manufacturing companies spanning across Asia and North America.

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This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to compliance with the applicable registration and/or qualification requirements under the securities laws of any such state or jurisdiction.

These materials are not for distribution, directly or indirectly, in or into the United States, Canada or Japan.  These materials are not an offer of securities for sale into the United States, Canada or Japan.  The securities may not be offered or sold in the United States or to, or for the account or benefit of U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended) unless they are registered or exempt from registration.  There will be no public offer of securities in the United States.

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