Monetisation of Edra: Updates
1MDB refers to previous press statements relating to the monetisation of equity in our subsidiary, Edra Global Energy Berhad (“Edra”).
1MDB is pleased to announce that we have received, on 16 October 2015, final, binding and fully funded offers from three strategic investors, comprising both domestic and international parties. This marks a significant milestone with regard to the implementation of our rationalisation plan, first announced by the Ministry of Finance on 29 May 2015.
Over the next few weeks, 1MDB will be conducting an evaluation of the offers received, including reviewing the terms and conditions of the definitive agreements that the parties have proposed, and seek clarification where required. As previously highlighted, our Board of Directors will be guided by, among other things, value maximisation to 1MDB’s shareholder, deal certainty and terms that are fair and reasonable in assessing these offers.
We expect to enter into a definitive agreement with the chosen party shortly after the evaluation and negotiation process has been completed, before the end of 2015.
We shall continue to make appropriate disclosures as and when there are further developments.