Monetisation of Edra: Updates
We refer to our press statement on 15 July 2015 relating to the monetisation of our investment in Edra Global Energy Berhad (“Edra”), and subsequently on 10 August 2015 in relation to our rationalisation plan.
1MDB has since shortlisted a select group of potential parties, comprising both local and international strategic investors, to progress their detailed due diligence inquiries into Edra which houses our power assets. The due diligence exercise will entail, among others, discussions with management, access to data room and site visits, designed to facilitate the potential investors’ review of Edra.
1MDB is confident that a definitive agreement with the chosen party can be entered into by Q4 2015, with completion to take place soon after relevant conditions precedent are fulfilled. As previously highlighted, the Board of Directors of 1MDB will be guided by, among other things, value maximisation to 1MDB’s shareholders, deal certainty, and terms that are fair and reasonable.
We shall continue to make appropriate disclosures as and when there are further developments.