It is reported that Titan Wind Energy plans to invest USD 12 million in funds raised in its IPO to set up a subsidiary in Singapore engaged in equity investment in new energy companies and international trade.
The source said the subsidiary will be called Titan Wind Energy with registered capital of SGD 100,000. Titan Wind Energy picked Singapore because of its favorable tax policy.
The firm also plans to set up a factory in India to produce wind towers and related parts.
Titan Wind Energy listed on the Shenzhen Small and Medium Enterprise Board in December last year and raised CNY 1.23 billion from the IPO. Of that total, CNY 424 million was above its target figure.
The company invested funds raised from the issuance to build three megawatt maritime wind towers, update the technology of its 2.5MW wind towers and rebuild a technology research center. It still has CNY 133 million in extra funds from its IPO.
