Titan jumps on Honam takeover plans

KUALA LUMPUR: Titan Chemicals Corp Bhd's share price surged in early trade on Monday, July 19 after South Korea's Honam Petrochemical Corp launched a takeover of Titan, to acquire the remaining 72.32% stake or 1.249 billion shares for RM2.93 billion or RM2.35 a share.

At 9.18am, Titan jumped 34 sen to RM2.19 with 18.2 million shares done.Its major shareholders Union Harvard Investments S.R.L, CGDC Investments Corporation, Permodalan Nasional Bhd and AmanahRaya Trustees Bhd had signed agreements to sell their collective stakes to Honam.

#Flash* Korea's Honam Petrochemical launches RM2.93b takeover of Titan Chemicals

KUALA LUMPUR: South Korea's Honam Petrochemical Corp has launched a takeover of Titan Chemicals Corp. Bhd., to acquire remaining 72.32% stake or 1.249 billion shares for RM2.93b or RM2.35 a share.

Titan said on Friday, July 16 that its major shareholders Union Harvard Investments S.R.L, CGDC Investments Corporation, Permodalan Nasional Bhd, and AmanahRaya Trustees Bhd had signed agreements to sell their collective stakes to Honam.

Stock to Watch - Mon, 14 July 2010

– Ajiya (RM1.96, BUY) – Support seen at 200-day SMA.
– Kossan Rubber Industries (RM8.00, BUY) – Stronger rebound ahead?
– Titan Chemicals Corporation (RM1.78, SELL) – Looking exhausted.
_____________________________________________________________________

1. Ajiya (RM1.96, BUY)

____________________________________________________________________

2. Kossan Rubber Industries (RM8.00, BUY)

____________________________________________________________________

3. Titan Chemicals Corporation (RM1.78, SELL)