APSEZ sells Myanmar Port for $30 million
The project had run into controversy after it was reported that APSEZ chief executive Karan Adani had in July 2019 met Myanmar's army chief who led a coup against elected govt
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New Delhi: Adani Ports and Special Economic Zone Ltd (APSEZ) on Thursday said it has concluded the Myanmar Port sale for a total consideration of $30 million. In May 2022, APSEZ had announced signing of a Share Purchase Agreement (SPA) for the sale of its Myanmar Port.
The SPA had certain Condition Precedents (CPs), including completion of the project and relevant approvals for smooth conduct of business by the buyer. APSEZ in a statement said given the continuous delay in the approval process and challenges in meeting certain CPs, APSEZ has obtained an independent valuation on ‘as is where is’ basis.
Thereby the buyer and seller have renegotiated the sale consideration to $30 million, it added. According to the statement, the buyer will pay the said amount to the seller within 3 business days on completing all the necessary compliance by the seller. On receipt of the total transaction value, APSEZ shall transfer the equity to the buyer and its exit will stand concluded, it said.
