1MDB: Three final offers for Edra, good for rationalisation plan

comments     Bernama     Published     Updated

1Malaysia Development Bhd (1MDB) has received final, binding and fully-funded offers from three strategic investors, comprising both domestic and international parties, in relation to the monetisation of equity in its subsidiary, Edra Global Energy Bhd (Edra).

"This marks a significant milestone with regards to the implementation of our rationalisation plan, first announced by the Ministry of Finance on May 29, 2015," 1MDB said in a statement today.

It said over the next few weeks, 1MDB will be conducting an evaluation of the offers received, including reviewing the terms and conditions of the definitive agreements that the parties have proposed, and seek clarification where required.

"As previously highlighted, our Board of Directors will be guided by, among other things, value maximisation to 1MDB’s shareholder, deal certainty and terms that are fair and reasonable in assessing these offers," it added.

1MDB expects to enter into a definitive agreement with the chosen party shortly after the evaluation and negotiation process has been completed, before the end of 2015.

- Bernama

Furthermore, TNB said following its in-depth due diligence, Edra's power generation assets would be a strong fit for its growth strategy domestically and internationally.

The utility giant said the combination would ensure the long-term continuity of steady and competitively priced power to domestic customers and consumers, and enabled it to pursue its strategy of establishing a footprint in international markets where growth in power demand is increasing.

- Bernama



Malaysiakini
news and views that matter


Sign In