Feb. 28, 2013 - LDK Solar Co., Ltd. today announced the sale of 5,000,000 newly issued ordinary shares of LDK Solar to Fulai Investments Limited, at a purchase price of $1.83 per share with an aggregate purchase price of US$9,150,000, thereby completing the first portion of the transaction contemplated in its share purchase agreement dated January 21, 2013 with Fulai Investments Limited.
Subject to the parties' fulfillment of the closing conditions in the share purchase agreement, as supplemented by the parties, the remaining 12,000,000 shares are to be issued and sold on or prior to March 28, 2013. Fulai Investments Limited also has the right to designate two non-executive directors to the LDK Solar board upon consummation of the transaction. The net proceeds will be used for general corporate purposes in LDK Solar's operations.
