LDK Solar to buy back shares

LDK Solar Co Ltd announced on Monday that it plans to repurchase up to $110 million of its American Depository Shares (ADSs) in the open market or through privately negotiated transactions.

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The Jiangxi-based photovoltaic products maker said it is confident with its current outlook, though its ADSs are “grossly undervalued”.

The buyback move demonstrates its commitment to enhancing shareholder value, according to LDK Chairman and CEO Xiaofeng Peng.

The New York-listed company also declared that the program does not obligate LDK Solar to acquire any particular amount of its ADSs and they may be modified or suspended at any time at the sole discretion of LDK Solar.