Jianxi, China-based solar wafer manufacturer LDK purchases extra American depositary shares from their 1.65 million stocks through their underwriters.
With each ordinary share priced at $7, the decision for buying extra shares had been made after an ensuing offer was given by LDK Solar last December 18. $115.5 million had already been raised from the deal for the 16,520,000 American depositary shares, with $90 million going to payment of debts. The left over net proceeds will then be used to finance the polysilicon production plant, the development of the solar module business, and for other general corporate objectives. Book runners for the offering had been Morgan Stanley – a global financial services firm that specializes in securities, asset management and credit services, and Citi – an international financial conglomerate with operations in consumer, corporate, and investment banking and insurance.
The ensuing offering will bring a total share sale of 18.17 million shares.
The solar company, which has been given a RED HERRING Top 100 ASIA 2006 business award and has bagged the Fastest Growing enterprise award from China New Material Industry in 2007, expects that around $122.1 million will be raised minus the underwriting commissions, discounts, and other fundraising costs.
LDK Solar was also one of the presentors at the Piper Jaffray Fifth Annual Clean Technology & Renewables Conference held at Times Square, New York last February 23. LDK Solar had also recently become a member of PV CYCLE, an organization based in Brussels, Belgium that campaign for the take-back and recycling of end-of-life PV modules. Last month, LDK Solar had signed an agreement to provide solar modules to COU Solar, a Canada-based subsidiary of Oneworld Energy Inc. which requires LDK Solar to provide around 30 megawatts of solar modules for this year. The deal signifies the company’s continuous desire to expand their solar module business, specifically with European customers. Oneworld Energy Inc.,represented by CEO Chuck Allen, hopes to continue its team-up with LDK Solar in their efforts to expand their alternative energy resources.
According to LDK Solar Chairman and CEO Xiaofeng Peng, the company is committed to considering the environmental impact of all phases in its product life cycle, even up to end-of-life collection and recycling.
LDK Solar is proud to use both virgin and recyclable polysilicon for their manufacturing process. The process is said to allow their global solar cell and module manufacturer customers cost efficiency while at the same time maintaining quality and performance.
LDK Solar specializes in supplying wafer processing services for both monocrystalline and multicrystalline solar cell manufacturers.
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