KINIBIZ CIMB Group Bhd has announced that it will not serve as advisers to the Finance Ministry (MOF) on the potential sale of Edra Global Energy Bhd (Edra) after the latter decided it will no longer consider the sale of Edra to strategic investors.
"CIMB has been informed that MOF has decided not to consider a sale of Edra to strategic investors and as such, CIMB’s services as adviser to the potential sale are no longer required," said the group in a short statement today.
Edra is the the energy arm of beleaguered 1Malaysia Development Bhd (1MDB), whose initial public offering (IPO) has been delayed for some time now.
On March 26, CIMB had initially announced it had been appointed by MOF in a role that would include "include identifying potential buyers and running a competitive process for Edra to derive an optimal outcome for MoF."
CIMB’s initial appointment did not extend to any other areas relating to 1MDB.
It is unclear what direction MOF will pursue with regard to the listing of Edra.
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