Thursday, July 15, 2010

Titan Chemical major shareholders plan corporate proposal

KUALA LUMPUR: Titan Chemical Corp Bhd, which reported second quarter earnings of RM72.13 million, has requested that trading in its shares be suspended on Friday, July 16.

It said on Thursday, July 15 the voluntary suspension was pending an announcement of a corporate proposal involving the major shareholders of the company.

Union Harvard Investments is the largest shareholder with 31.17% stake or 546.4 million shares in Titan, followed by Amanah Raya Bhd at 24.25% and Permodalan Nasional Bhd at 5.5%.

Meanwhile, the company said second quarter earnings were lower at RM72.13 million compared with RM174 million a year ago. Revenue was RM1.69 billion compared with RM1.37 billion. Earnings per share were 4.17 sen versus 9.97 sen.

Its net asset per share was RM2.42.

The share price closed seven sen higher at RM1.85, the highest since February 2007.

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