Neo-Neon Holdings Ltd, a China-based decorative lighting manufacturer, Wednesday said it planned to expand its LED wafer output seven-fold over the next three years, according to an article on Taipei Times.

The company plans to install 30 additional units of MOVCD systems in the next three years at its plant in Yangzhou for LED production, the article says, citing company chairman Fan. The plan would require an investment of about US$30 million, the company said earlier in Hong Kong.

Neo-Neon currently operates five MOVCD systems with a monthly output of between 10,000 and 12,000 wafers. At full capacity, the 30 additional units will produce between 60,000 and 72,000 wafers a month, the company said. Half of the output will be supplied for the company’s own production and the other sold on the market, Fan said.

To fund the expansion plan, Neo-Neon will raise NT$2.06 billion (US$64 million) via issuing 140 million shares of Taiwan depositary receipts next week at NT$14.7 apiece, its underwriter Fubon Securities Co said yesterday.