Titan Windpower Equipment Co., Ltd. cancelled the acquisition of Stake in 5 Companies.
August 28, 2018
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Titan (suzhou) Windpower Equipment Co., Ltd. agreed to acquire 100% stake in Suzhou Titan New Energy Technology Co.,Ltd., 100% stake in Baotou Tianshun Wind Power Equipment Co., Ltd., 100% stake in Titan Wind Energy (Europe) A/S, 82.2% stake in Titan (Zhuhai) New Energy Co., Ltd. and 80% stake in Suzhou Titan Wind Power Blade Technology Co., Ltd. from Titan Wind Energy (Suzhou) Co., Ltd. (SZSE:002531), Suzhou Titan New Energy Technology Co.,Ltd. and Titan Wind Energy (Singapore) Pte. Ltd on August 29, 2017. Under the terms, Titan (suzhou) Windpower Equipment Co., Ltd. will acquire 100% stake in Suzhou Titan New Energy Technology Co.,Ltd. and 100% stake in Baotou Tianshun Wind Power Equipment Co., Ltd. from Titan Wind Energy (Suzhou) Co., Ltd., 100% stake in Titan Wind Energy (Europe) A/S from Titan Wind Energy (Singapore) Pte. Ltd whereas 82.2% stake in Titan (Zhuhai) New Energy Co., Ltd. and 80% stake in Suzhou Titan Wind Power Blade Technology Co., Ltd. from Suzhou Titan New Energy Technology Co.,Ltd. The acquisitions will take place for a price based on book value of each target.
The transaction was approved by the Board of Directors of Titan Wind Energy (Suzhou) Co., Ltd. in the 7th interim session for 2017 of the 3rd directorate meeting and does not require its shareholders' approval.
Titan (suzhou) Windpower Equipment Co., Ltd. cancelled the acquisition of Stake in 5 Companies on August 29, 2018.
Titan Wind Energy (Suzhou) Co., Ltd. is a China-based company principally engaged in the production and distribution of wind towers and wind tower parts and components. The Company is also engaged in the development, investment, construction and operation of wind power projects, as well as the provision of investment, financing and financial services. The Company distributes its products in domestic market and to overseas markets.
TITAN WIND ENERGY (SUZHOU) CO.,LTD 
