26 Apr '13, 5pm

Debt-Burdened LDK Solar Agrees to Sell Second 15% Stake to Fulai

The company will issue 25 million new shares at $1.03 each to Fulai and offer its right to choose two non-executive directors for the board, Xinyu-based LDK Solar said today in a statement. This will boost LDK's total outstanding shares to about 169 million, according to data compiled by Bloomberg. The transaction will be 28 percent less than the weighted average of $1.44 each that Fulai paid for the 17 million shares agreed to in the January deal. The solar-panel maker on April 19 reported its seventh straight quarter of losses, with a three- year low of $98.3 million in cash. Fulai, incorporated in the British Virgin Islands, is owned by Chinese businessman Cheng Kin Ming. Cheng was a government researcher who has been involved in real estate development since 1993, according to a 2010 credit report from Huajie Rating on his company Shanghai Qianjiang Industry (Group) Co...

Full article: http://www.renewableenergyworld.com/rea/news/article/2013...

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