LDK Signs Buyers for 18.5% Stake in Poly Plant

LDK Solar has signed an agreement with China Development Bank subsidiary CDB Capital and China Construction Bank (0939.HK, 601939.SH) affiliates Excel Rise Holdings and Prosper East to acquire an aggregate of $240 million in convertible preferred shares of LDK's polysilicon manufacturing facility, LDK Silicon & Chemical Technology, according to a company announcement on January 3. The shares, if fully converted, would represent 18.46% of the outstanding share capital of the facility, the report said.

LDK Solar had already secured a previous agreement with China's major policy bank for a credit line worth $8.9 billion over a five-year period, according to September reports.