Jul 3, 2013 - China’s LDK Solar Co Ltd (NYSE:LDK) said yesterday it had finalised the sale of a USD-25.75-million (EUR 19.9m) stake to British Virgin Islands firm Fulai Investments Ltd, wholly-owned by Chinese merchant Cheng Kin Ming.
The photovoltaic (PV) products maker sold 25 million newly issued ordinary shares at a price of USD 1.03 apiece under a deal signed and announced in April. As previously mentioned, the shares are subject to a lock-up period of 180 days following completion.
According to Bloomberg data, the acquisition makes Fulai the largest shareholder of LDK with a 25% interest after founder and chairman Peng Xiaofeng, whose stake is estimated to fall to 43%. Fulai now has the right to appoint two directors to the board of the PV modules company.