1MDB confident of signing deal for power asset by Q4

comments     Bernama     Published     Updated

1MDB is confident that a definitive agreement will be signed with the chosen party interested in its power asset company, Edra Global Energy Bhd (Edra), by the fourth quarter (Q4) of this year.

In a statement today, 1MDB said the completion of the deal would take place soon after the relevant conditions precedent were fulfilled.

“1MDB’s board of directors will be guided by, among other things, value maximisation to its shareholders, deal certainty and terms that are fair and reasonable,” the company said.

1MDB has since shortlisted a select group of potential parties, comprising both local and international strategic investors, to progress their detailed due diligence inquiries into Edra which houses the power assets, the company said.

“The due diligence exercise will entail, among others, discussions with management, access to data room and site visits designed to facilitate the potential investors’ review of Edra,” it added.

As part of the rationalisation plan announced by the Finance Ministry on May 29, 1MDB is actively pursuing various options with respect to the monetisation of its power assets under Edra.

- Bernama



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