9 June 2005
Titan Chemicals Corp. Bhd.'s Initial Public Offering Oversubscribed

Kuala Lumpur, June 9, 2005 – Titan Chemicals Corp. Bhd. (“Titan Chemicals”) (formerly known as Titan Petrochemicals & Polymers Berhad) is pleased to announce the successful closing of its initial public offering (“IPO”) of 438,240,000 new ordinary shares of RM1.00 each (“Titan Chemicals Shares”).

The retail offering of 122,689,000 new Titan Chemicals Shares and the book-running process for the institutional offering of 315,551,000 new Titan Chemicals Shares closed on 6 June 2005 and 9 June 2005 respectively.  The Institutional Price is fixed at RM1.85 per Titan Chemicals Share. 

The portion of the retail offering available for public subscription of 35,054,000 new Titan Chemicals Shares received applications for a total of 129,113,000 Titan Chemicals Shares, achieving a subscription rate of 3.68 times. 

“We are pleased with the response and I would like to express our sincere appreciation to the domestic and international investors for their tremendous support.  We have a very good book of high quality and long term investors," said Mr Don M. Condon, Jr, Managing Director of Titan Chemicals Corp. Bhd. 

Deputy Chief Executive of Commerce International Merchant Bankers Berhad, Mr. Charon Wardini Mokhzani, said “The management performed exceptionally in the 3 weeks of the international roadshow and we are very pleased with the investors’ response”.

“This is the largest IPO in Malaysia in terms of market capitalisation this year.  We are very pleased with the outcome of the transaction”, said Mark Machin, Co-Head of Investment Banking for Goldman Sachs Asia.

Commerce International Merchant Bankers Berhad (“CIMB”) is the adviser for the transaction and together with Goldman Sachs International are the Joint Global Coordinators and Joint Bookrunners.  DBS Bank Ltd and Mayban Securities Sdn Bhd are the other Joint Bookrunners.  BNP Paribas Peregrine (Singapore) Ltd, CLSA Asia-Pacific Markets and RHB Securities Sdn Bhd are the Co-Lead Managers.

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