Myanmar Port Sale
4 May, 2023 | Anupam Shrivastav
APSEZ to conclude sale of Myanmar Port after the signing of Share Purchase Agreement (SPA) in May 2022.
Adani Ports and Special Economic Zone Ltd (APSEZ), the largest integrated transport utility in India and a part of the diversified Adani Group have concluded the Myanmar Port sale for a total consideration of USD 30 Mn.
In May 2022, APSEZ announced signing of a Share Purchase Agreement (SPA) for the sale of its Myanmar Port. The SPA had certain Condition Precedents (CPs), including completion of the project and relevant approvals for smooth conduct of business by the buyer.
Given the continuous delay in the approval process and challenges in meeting certain CPs, APSEZ has obtained an independent valuation on “as is where is” basis. Thereby the buyer and seller have renegotiated the sale consideration to USD 30 Mn. The buyer will pay the said amount to the seller within 3 business days on completing all the necessary compliance by the Seller. On receipt of the total transaction value, APSEZ shall transfer the equity to the buyer and its exit will stand concluded.
Commenting on the occasion, Mr. Karan Adani, CEO and Whole-time Director, APSEZ stated “This exit is in line with the guidance provided by the APSEZ Board based on the recommendations made by the Risk Committee in October 2021.”