Adani Ports and Special Economic Zone Ltd (APSEZ) on Thursday said it has concluded the Myanmar Port sale for a total consideration of USD 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 USD 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.
APSEZ chief executive officer and whole-time director Karan Adani said, “This exit is in line with the guidance provided by the APSEZ Board based on the recommendations made by the risk committee in October 2021.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: May 04 2023 | 2:03 PM IST
For more latest Economy News Click Here