The agreement spells out the divesture of a 12% stake in the company by LDK, which Fulai will acquire for an aggregate price of $31m

Fulai Investments is expected to purchase 17,000,000 newly issued ordinary shares at a unit price of $1.83.

The transaction is subject to the terms and conditions of the share purchase agreement, including a lock-up period of 180 days from the closure date.

Fulai Investments has now gained the right to designate two non-executive directors to LDK’s board.

The solar products manufacturer will employ the proceeds of the divesture for general corporate and operational purposes.