Honam to Acquire Titan Chemicals

• South Korea’s Homan Petrochemicals has invoked Section 222 of the Capital Markets & Services Act, 2007 (CMSA) to compulsorily acquire all the remaining 7,185,762 shares of Titan Chemicals for which acceptances have not been received.

• Earlier in July 2010 - Honam Petrochemical Corp, South Korea’s second-largest ethylene maker, has acquired a 72.3% stake in Titan Chemicals Corp Bhd for RM2.94bil, or RM2.35 per share. Premium of 27%, or 50 sen, over its last traded price
• According to the Malaysian Code on Take-Overs and Mergers, 1998, Honam is required to make an unconditional takeover offer to the remaining shareholders of Titan upon the proposed acquisition becoming unconditional.