1MDB says sale of Edra to China group completed

KUALA LUMPUR: 1Malaysia Development Bhd's (1MDB) sale of its power assets under Edra Global Energy Bhd to  China General Nuclear Power Corporation and its subsidiaries for RM9.83bil cash has been completed.

1MDB said on Wednesday the share sale and purchase agreement (SSPA) was successfully completed in the morning, with the exchange of shares, for cash. 
 
“The SSPA completion marks the conclusion of the Edra monetisation, a significant and tangible milestone of the 1MDB rationalisation plan, as first announced by the Ministry of Finance on May 29, 2015,” it said.

1MDB congratulated the CGN Group in successfully completing the SSPA, and assuming ownership of a unique and attractive portfolio of energy assets. 

On Nov 23, 2015, 1MDB, Edra and CGN Group had executed the agreement. 

Under the SSPA, the CGN Group agreed to acquire 100% of 1MDB’s ownership in all its energy assets (comprising Edra Solar Sdn Bhd, Edra Energy Sdn Bhd, Powertek Energy Sdn Bhd, Jimah Teknik Sdn Bhd, Jimah O&M Sdn Bhd, Mastika Lagenda Sdn Bhd and Tiara Tanah Sdn Bhd. 

The CGN Group would also assume all the relevant gross debt and cash of the Edra operating companies.