LDK Sells More Shares to Fulai as Founder Stake Shrinks
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LDK Solar Co., a Chinese solar manufacturer burdened with $2.8 billion in debt, agreed to sell more shares to investor Cheng Kin Ming’s Fulai Investments Ltd., boosting his stake in LDK to 25 percent and diluting that of its biggest holder, founder and chairman Peng Xiaofeng.
The company will issue 25 million new shares at $1.03 each to Fulai, which also has the right to choose two non-executive directors, Xinyu-based LDK said today in a statement. That will boost the solar company’s total outstanding shares to about 169 million, according to data compiled by Bloomberg.