Malaysia Development Bhd (1MDB) has concluded the sale of all its energy assets to China's state-owned company China General Nuclear Power Corp Ltd and its subsidiaries (CGN Group) for RM9.83 billion.
In a statement today, the strategic development company said following satisfaction of all conditions precedent, the share sale and purchase agreement (SSPA) executed among 1MDB, its energy unit Edra Global Energy Bhd and CGN Group, was successfully completed this morning, with the exchange of shares for cash.
"The SSPA completion marks the conclusion of the Edra monetisation, a significant and tangible milestone of the 1MDB rationalisation plan, as first announced by the Ministry of Finance (MoF) on May 29, 2015," 1MDB said.
Under the deal, CGN Group had agreed to acquire 100% of 1MDB’s ownership in all its energy assets comprising Edra Solar Sdn Bhd, Edra Energy Sdn Bhd, Powertek Energy Sdn Bhd, Jimah Teknik Sdn Bhd, Jimah O&M Sdn Bhd, Mastika Lagenda Sdn Bhd and Tiara Tanah Sdn Bhd.
CGN Group will also assume all relevant gross debt and cash of Edra and its operating subsidiaries.
On Tuesday (March 22), The Edge Financial Daily reported 1MDB was due to complete the sale of Edra within this week. The latest sale transaction will potentially pare down 1MDB's debt by one-third from RM48.36 billion as of March 2015, to RM31.73 million ($10.8 million).
The deal was first announced on Nov 23 last year, as part of plans to wind down 1MDB's operations, after its mounting debt raised investor concerns. CGN had won the international tender for Edra, edging out national power producer Tenaga Nasional Bhd.
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In a statement today, the strategic development company said following satisfaction of all conditions precedent, the share sale and purchase agreement (SSPA) executed among 1MDB, its energy unit Edra Global Energy Bhd and CGN Group, was successfully completed this morning, with the exchange of shares for cash.
"The SSPA completion marks the conclusion of the Edra monetisation, a significant and tangible milestone of the 1MDB rationalisation plan, as first announced by the Ministry of Finance (MoF) on May 29, 2015," 1MDB said.
Under the deal, CGN Group had agreed to acquire 100% of 1MDB’s ownership in all its energy assets comprising Edra Solar Sdn Bhd, Edra Energy Sdn Bhd, Powertek Energy Sdn Bhd, Jimah Teknik Sdn Bhd, Jimah O&M Sdn Bhd, Mastika Lagenda Sdn Bhd and Tiara Tanah Sdn Bhd.
CGN Group will also assume all relevant gross debt and cash of Edra and its operating subsidiaries.
On Tuesday (March 22), The Edge Financial Daily reported 1MDB was due to complete the sale of Edra within this week. The latest sale transaction will potentially pare down 1MDB's debt by one-third from RM48.36 billion as of March 2015, to RM31.73 million ($10.8 million).
The deal was first announced on Nov 23 last year, as part of plans to wind down 1MDB's operations, after its mounting debt raised investor concerns. CGN had won the international tender for Edra, edging out national power producer Tenaga Nasional Bhd.
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