China-based multi-crystalline solar wafer manufacturer LDK Solar has entered into a share purchase agreement with Heng Rui Xin Energy (HRX) wherein HRX will buy newly issued ordinary shares of LDK Solar.

The HRXs’ purchase of shares at $0.86 per ordinary share will account for about 19.9% of the total issued and outstanding capital of LDK Solar.

The acquisition of the stake will allow HRX to appoint three additional directors to the LDK Solar board.

HRX is owned 60% by Hi-tech Wealth Investment and Developing group while remaining 40% by Xinyu Asset Management.

LDK Solar is a manufacturer of polysilicon, mono and multi-crystalline ingots, wafers, cells, modules, systems, power projects and solutions that have applications in the solar power industry.

 

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