9 MAY 2005
TITAN CHEMICALS PRESSES AHEAD WITH IPO PLANS

Titan Chemicals Corp. Bhd. (formerly known as Titan Petrochemicals & Polymers Berhad)(“Titan Chemicals”), Malaysia’s first and largest integrated producer of olefins and polyolefins and second largest polyolefins producer in Southeast Asia, today announced that it has entered into an underwriting agreement with Commerce International Merchant Bankers Berhad, Mayban Securities Sdn Bhd, RHB Securities Sdn Bhd, Avenue Securities Sdn Bhd and TA Securities Holdings Berhad for its upcoming initial public offering (“IPO”).

The proposed listing exercise involves an offering of up to 438,240,000 new ordinary shares of RM1.00 each, comprising a Retail Offering of up to 122,689,000 new ordinary shares to the Malaysian public, eligible directors and employees and persons who have contributed to the success of Titan Chemicals plus an Institutional Offering of up to 315,551,000 new ordinary shares to foreign and Malaysian institutional and selected investors. Titan Chemicals is expected to issue a prospectus for the offering in the coming weeks.

Mr Donald M. Condon, Jr., Managing Director of Titan Chemicals commented, “We are extremely pleased with the support shown by our underwriters. Titan Chemicals has set itself clear business goals, vision and strategies and is led by an experienced and skilled management team. The IPO will go a long way to help the company achieve its corporate objectives.”

Commerce International Merchant Bankers Berhad (CIMB) is the Adviser and Managing Underwriter for the IPO. Additionally, CIMB together with Goldman Sachs International are the Joint Global Coordinators and Joint Bookrunners for the Institutional Offering. DBS Bank Ltd and Mayban Securities Sdn Bhd have also been appointed as Joint Bookrunners whilst BNP Paribas Peregrine Capital Limited, CLSA Singapore Pte Ltd and RHB Securities Sdn Bhd are Co-Lead Managers.

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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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