PV manufacturer LDK Solar has entered into a share purchase agreement with investment firm Heng Rui Xin Energy (HRX).
Under the agreement HRX will purchase LDK Solar’s newly issued ordinary shares, accounting for approximately 19.9% of the total issued and outstanding capital of LDK Solar. The share purchase price will be US$0.86 per ordinary share, subject to the terms and conditions of the agreement, including a lock-up for 180 days.
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Pursuant to the share purchase agreement, HRX also has the right to designate three additional directors to the LDK Solar board. It is understood the parties have also agreed to add two independent directors to the LDK Solar board.
Closing of the proposed transaction is subject to, among other things, the receipt of all necessary consents and approvals from applicable governmental and regulatory authorities, including the various PRC governmental agencies.