LDK Solar Announces Shares Buyback Program

LDK Solar Co Ltd LDK announced its plans to buyback up to $110 million of its American Depositary Shares (ADSs) in the open market or through privately negotiated transactions. Mr. Xiaofeng Peng, Chairman and CEO of LDK Solar, commented, "We remain confident in our current outlook as well as the long-term prospects for our business. However, we believe our ADSs are currently grossly undervalued. We believe our share buyback program not only represents a good investment for our company, but also demonstrates our commitment to enhance shareholder value." LDK shares fell 2.58% to close at $6.81 on Friday. Read more from Benzinga's Company news.