China-based LDK Solar has concluded a share purchase agreement with Fulai Investments.
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.