Renewable Energy Asia sets up sub-subsidiary

(ADPnews) - Oct 29, 2010 - Hong Kong-based wind energy company Renewable Energy Asia Group Ltd (SIN:5DW), formerly Superior Fastening Technology Limited, yesterday announced it set up a sub-subsidiary in China.

The unit is named Renewable Energy Asia Industries (Jiuquan) Co Ltd and was established by Renewable Energy Asia (China) Co Ltd, itself a subsidiary of Renewable Energy Asia Group. The new entity has a registered and paid up capital of CNY 6 million (USD 899m/EUR 651m), funded by internal resources.

The parent company does not expect the capital contribution to have any material effect on its net earnings per share and net tangible assets per share for the financial year ending March 31, 2011.

The core business activities of Renewable Energy Asia Group include wind farm investments, development and wind power generation in China, manufacturing of wind turbine components and systems, as well as engineering, procurement, construction and maintenance services of wind farms. At present, the group has access to wind resource reserves of more than 5,000 MW.

(CNY 1,000 = USD 149.915/EUR 108.418)

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