LDK Solar Consummates Sale of Minority Stake in Its Polysilicon Business

LDK Solar Co LDK today announced that LDK Solar and its wholly owned polysilicon manufacturing subsidiaries have consummated the $240 million investment by China Development Bank International Holdings Limited, assignee of China Development Bank Capital Corporation Ltd., each a wholly owned subsidiary of China Development Bank Corporation, Apollo Asia Investment Limited, a wholly owned subsidiary of a fund advised by CITP Advisors Ltd., and Excel Rise Holdings Limited and Prosper East Limited, investment funds affiliated with China Construction Bank Corporation (together, the "Investors") pursuant to the subscription agreement entered into by the parties on December 30, 2010 and subsequent to the receipt of various PRC governmental approvals relating to such investment by State-owned financial institutions in a foreign enterprise. The Investors are now holders of an aggregate of 240 million series A redeemable convertible preferred shares of LDK Silicon & Chemical Technology Co., Ltd., a subsidiary of LDK Solar incorporated in the Cayman Islands that holds and operates LDK Solar's polysilicon business. The preferred shares on an as-if-converted basis represent approximately 18.46% of the aggregate issued and outstanding share capital of the LDK Silicon, with LDK Solar holding the remaining 81.54%.