Thursday, June 17, 2010

Titan Chemical is purely for speculation purpose

I posted a chart yesterday without knowing what was going to happen. The post was purely based on sentiment analysis and a bit of value analysis though I did not make a full blown write-up. Now that I saw this being announced today, I will have to inform my readers that buying into Titan now is purely for speculation purpose. When sentiments turn sour, stock price can unwind violently. Trade at your own risk.

(The Star)KUALA LUMPUR: Titan Chemicals Corp Bhd’s major shareholders is currently in talks with a third party to divest their stakes.

In a filing with Bursa Malaysia, Titan said the Chao Group and Permodalan Nasional Bhd (PNB) were presently in "informal discussions with a third party subsequent to a proposal which was presented to them by that third party".

“There is as yet no outcome, event or other development from such discussions,” it said in the statement.

StarBiz reported today that the Choa Group and PNB were in talks to divest their stakes in the petrochemical company. The prospective buyer could be a foreign party.

Titan said the company was presently not contemplating any corporate proposal.

“In addition, we have not received any proposal from any other person concerning our shares or business,” it said.

It said it would make an announcement, if warranted by events or developments, at an appropriate time.

Titan rose 7 sen to RM1.53 at 12.30pm.

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