LDK shareholders approve share issuance

The Associated Press

LDK Solar Co. said on Thursday that its shareholders approved a plan to issue 25 million shares to Fulai Investments Ltd. for $1.03 each.

The deal was approved at an Extraordinary General Meeting held at its office in Hong Kong.

The plan to issue shares for Fulai was announced in April. LDK said then that it will use the proceeds for general corporate purposes.

LDK makes solar wafers, cells and modules. Like other solar companies, it has been hurt by falling demand and prices for solar products.

LDK shares fell 3 cents, or 2.1 percent, to close at $1.40.