LDK Solar (LDK) Sells 15% Stake In Xinyu City Plant

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10:27:37 am on November 18, 2009

LDK Solar announced yesterday that it has sold a 15% ownership stake in its Xinyu City, China plant for $219 million.  The stake was purchased by Jiangxi International Trust and Investment Co., Ltd.

In a press release,  Xiaofeng Peng, Chairman and CEO of LDK Solar, commented on the sale

“We are very pleased with the continued support of our business from local financial institutions, as evidenced by this recent development. Jiangxi International Trust and Investment Co.’s investment in our 15,000 MT polysilicon plant will significantly strengthen our financial position and increase our near-term operating flexibility. We are pleased with the ongoing progress in ramping our 15,000 MT plant and look forward to providing a comprehensive update during our upcoming earnings call.”

According to Reuters, the news boosted share prices 14 percent to $7.63 after the bell.

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