Edra: Successful Completion of the Share Sale & Purchase Agreement
We refer to the press release dated 23 November 2015 in relation to the Share Sale and Purchase Agreement (“SSPA”) executed between 1Malaysia Development Berhad (“1MDB”), Edra Global Energy Berhad and its subsidiaries (“Edra”), and China General Nuclear Power Corporation and its subsidiaries (“CGN Group”).
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, collectively the “Edra Operating Companies”). The CGN Group would also assume all the relevant gross debt and cash of the Edra Operating Companies.
1MDB is pleased to announce that following satisfaction of all conditions precedent, the SSPA was successfully completed this 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 29 May 2015.
1MDB congratulates the CGN Group in successfully completing the SSPA, and assuming ownership of a unique and attractive portfolio of energy assets. We thank the Board of Directors, management and staff of Edra for completing the transaction and express appreciation to our shareholder, the Ministry of Finance, for the continued support of the 1MDB rationalisation plan.