1Malaysia Development Bhd (1MDB) has inked a deal to sell its entire power assets under Edra Global Energy Bhd to China General Nuclear Power Corporation (CGN).
1MDB said on Monday the sale of the 100% of the energy assets would be for RM9.83bil cash.
CGN Group will also assume all the relevant gross debt and cash of the Edra operating companies, based on a valuation date as at March 31, 2015.
“The transaction is expected to be completed in February 2016,” it said.
Earlier reports stated the sale of Edra’s power assets, valued at RM18bil in 1MDB’s books, is part of the latter’s rationalisation plan to reduce its debts of close to RM42bil.
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1MDB said on Monday the sale of the 100% of the energy assets would be for RM9.83bil cash.
CGN Group will also assume all the relevant gross debt and cash of the Edra operating companies, based on a valuation date as at March 31, 2015.
“The transaction is expected to be completed in February 2016,” it said.
Earlier reports stated the sale of Edra’s power assets, valued at RM18bil in 1MDB’s books, is part of the latter’s rationalisation plan to reduce its debts of close to RM42bil.
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