Adani Ports and Special Economic Zone (APSEZ) has completed the sale of Myanmar Port for $30 million. The company gave this information on Thursday. APSEZ announced a Share Purchase Agreement (SPA) for selling Myanmar Port in May 2022. The SPA included conditions such as completion of the project and necessary approvals for ease of doing business for the buyer.
APSEZ said in a statement that given the delay in the approval process and challenges in meeting certain conditions, APSEZ had obtained an independent valuation on an ‘as is where is’ basis. The company said that after this, the deal was renegotiated. The deal was done for $30 million.
अडानी समूह ने 30 मिलियन डॉलर्स में म्यांमार पोर्ट बेचा… इस डील से APSEZ की ESG रेटिंग (ENVIRONMENT, SOCIAL & GOVERNANCE) में भी सुधार की सम्भावना
अडानी समूह अब तक म्यांमार पोर्ट में 150 मिलियन डॉलर्स का निवेश कर चूका था पर म्यांमार में मानवाधिकार के उलंघन के चलते, बेहतर… pic.twitter.com/1p4CWLBHpe
— Nirnay Kapoor (@nirnaykapoor) May 4, 2023
The statement said the buyer would pay this amount to the company within three business days of completing all necessary compliances. After receiving the transaction amount in full, APSEZ will transfer the equity to the buyer and exit.
APSEZ Chief Executive Officer (CEO) Karan Adani said that the company’s board of directors had permitted to take such a step based on the recommendations given by the risk committee in October 2021. The project was controversial after Karan Adani’s meeting with Myanmar Army chief Min Aung Hlaing was reported.
Hlaing overthrew the elected government of Myanmar. In August 2021, APSEZ said that its investment in the Myanmar port does not violate sanctions guidelines issued by the Office of Foreign Assets Control of the US Department of the Treasury. APSEZ, a unit of Adani Group, is the largest port development company in the country.
