Warburg Pincus, the U.S. buyout firm will invest US$175 mln in Titan Petrochemicals Group, China's largest supertanker owner. Titan is expanding its oil storage division, where profit more than doubled in the six months to June 30. The investment from Warburg Pincus could help lower Titan's finance costs, which surged more than 50% in the six months ended June. Titan operates mainly in China, Hong Kong, Malaysia and Singapore, providing supply, transportation, storage and distribution services to oil companies.
The New York-based buyout firm will buy US$75 million of stock, convertible preferred shares and warrants in Titan and another US$100 million for a 49.9% stake in Titan's China oil storage unit. Warburg Pincus will buy 526.3 million ordinary shares in Titan for 52 Hong Kong cents apiece, and 555 million convertible preferred shares for 56 cents each. Titan will also issue 302.9 million warrants to Warburg Pincus at 64 cents.
29-Mar-07 
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