The agreement, entered into on October 19, will see Heng Rui Xin Energy purchase a number of newly issued ordinary shares worth around 19.9% of LDK Solar's capital for US$0.86 per ordinary share.
Heng Rui Xin Energy may also elect three additional directors, and two independent directors, to LDKs board. The agreement is subject to approval from the relevant governmental and regulatory bodies.
Hi-tech Wealth Investment and Developing Co., Ltd, involved in solar, investment and related businesses, owns a 60% stake in Heng Rui Xin Energy, while the remaining 40% is owned by Xinyu State-owned Asset Management Co., Ltd.
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