LDK sells 12% stake for $31m

Chinese PV firm LDK Solar has agreed to sell a 12% stake to an investment company for $31m.

The Chinese wafer maker says Fulai Investment – a company incorporated in the British Virgin islands and owned by Hong Kong-based businessman Cheng Kin Ming – will purchase 17 million newly-issued shares of LDK Solar at a purchase price of $1.83 per share.

The proceeds will be used for “general corporate purposes”, says LDK. Fulai has the right to appoint two non-executive directors to the LDK board.

Headquartered in Xinyu city in Jiangxi province, LDK Solar has debts of $3.1bn and is struggling to generate cashflow as prices and demand for its products decline.

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