Struggling China-based PV manufacturer LDK Solar has sold shares to Hong Kong-based Fulai Investments for around 30% less than it charged only last month.
The sale of 12 million ordinary shares to Fulai represents the second tranche of the two companies’ 17 milllion share purchase agreement signed on 21 January 2013.
Under the first transaction, LDK Solar sold 5 million shares to the investment firm at a price of $1.83 each.
As part of this second transaction, LDK Solar has sold its remaining 12 million newly issued shares to Fulai Investments for US$1.28 each, a discount of around 30%.
Now that the full transaction has been closed, Fulai Investments has 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.