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LDK Solar Provides Update on the Sale of LDK Hefei

published: 2013-04-18 14:53

LDK Solar Co., Ltd.("LDK Solar") (NYSE: LDK), a leading vertically integrated manufacturer of photovoltaic products, announced Anhui LDK New Energy Co., Ltd. signed an agreement to sell and transfer all its equity interest in its wholly owned subsidiary, LDK Solar High-Tech (Hefei) Co., Ltd., located in Hefei City of Anhui Province in China, to an affiliate of the Hefei City government, Hefei High Tech Industrial Development Social Service Corporation, for approximately RMB 120 million. Based on the Company's book value, LDK Solar expects to realize a net loss in the range of USD 80 million to USD 90 million for this transaction.

Previously, LDK Solar announced a purchase agreement in January 2013 with Shanghai Qianjiang Group, with its consummation subject to relevant governmental approvals. Shanghai Qianjiang Group failed to secure such government approvals by the expiration date of March 30, 2013.

"We appreciate the assistance and collaboration from Hefei Municipal Government," stated Xingxue Tong, President and CEO of LDK Solar. "We will do our best to assure a smooth closing of this transaction."

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