LDK Solar, a vertically-integrated PV manufacturer, has sold 5 million of its newly issued ordinary shares to Fulai Investments Limited.
The sale represents the first transaction made under the companies’ share purchase agreement signed on 21 January 2013. As part of the transaction, LDK Solar sold each share at a purchase price of US$1.83.
The remaining 12 million shares for sale — as outlined under the share purchase agreement — will be issued and sold on or before 28 March 2013.
Once the full transaction has been completed, Fulai Investments holds the right to designate two non-executive directors to the LDK Solar board.
LDK Solar will use the financial proceeds for “general corporate purposes” in the company’s operations.