XINYU CITY, China, and SUNNYVALE, Calif., Feb. 28, 2013 /PRNewswire/ -- LDK Solar Co., Ltd. ("LDK Solar"; NYSE: LDK), a leading vertically integrated manufacturer of photovoltaic products, today announced the sale of 5,000,000 newly issued ordinary shares of LDK Solar to Fulai Investments Limited, at a purchase price of $1.83 per share with an aggregate purchase price of US$9,150,000, thereby completing the first portion of the transaction contemplated in its share purchase agreement dated January 21, 2013 with Fulai Investments Limited.
Subject to the parties' fulfillment of the closing conditions in the share purchase agreement, as supplemented by the parties, the remaining 12,000,000 shares are to be issued and sold on or prior to March 28, 2013. Fulai Investments Limited also has the right to designate two non-executive directors to the LDK Solar board upon consummation of the transaction. The net proceeds will be used for general corporate purposes in LDK Solar's operations.
About LDK Solar (NYSE: LDK)
LDK Solar Co., Ltd. (NYSE: LDK) is a leading vertically integrated manufacturer of photovoltaic (PV) products. LDK Solar manufactures polysilicon, mono and multicrystalline ingots, wafers, cells, modules, systems, power projects and solutions. LDK Solar's headquarters and principal manufacturing facilities are located in Hi-Tech Industrial Park, Xinyu City,
Jiangxi Province in
the People's Republic of China. LDK Solar's office in
the United States is located in
Sunnyvale, California. For more information about LDK Solar and its products, please visit
About Fulai Investments Limited
Fulai Investments Limited is a company incorporated and existing under the laws of the British Virgin Islands wholly owned by Mr. Cheng Kin Ming, a Chinese merchant conducting business in Hong Kong.