27 September 2004
Titan to Merge Primary Operating Subsidiaries

Titan, Malaysia's first and largest integrated producer of olefins and polyolefins and second largest polyolefins producer in Southeast Asia announced today that its board has approved the merger of its three primary operating subsidiaries, Titan Petrochemicals (M) Sdn. Bhd. (“TPC”), Titan Polyethylene (Malaysia) Sdn. Bhd. (“TPE”) and Titan PP Polymers (M) Sdn. Bhd. (“TPP”).  Under the merger, TPP will acquire the businesses and assets of TPC and TPE.

TPC which owns and operates 2 crackers, a BTX unit, 2 co-gen plants, tank farms and utilities provides feedstock, electricity, steam and services to the polymer companies TPE and TPP.  There are thus significant inter company transactions which add complexity to the companies.  The merger will simplify record keeping, improve efficiency in utilization of plant and human resources, and reduce costs.  

According to Titan’s Managing Director, Mr Donald M Condon, Jr, “We are the leading petrochemicals and polymers company in Malaysia; these improved efficiencies and cost savings will help us to improve our market position both in Malaysia and the region.”

The merger is pending approval of the relevant authorities.

Back >