Adani Ports and Special Economic Zone Ltd (APSEZ), the largest integrated transport utility in India and a part of the diversified Adani Group, has concluded its Myanmar port sale for a total consideration of $30 million.
In May 2022, APSEZ had announced signing of a Share Purchase Agreement (SPA) for the sale of the 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 obtained an independent valuation on “as is where is” basis. Thereby the buyer and seller have renegotiated the sale consideration to $30 million. The buyer will pay the said amount to the seller within 3 business days on the completion of all the necessary compliances by the seller. On receipt of the total transaction value, APSEZ shall transfer the equity to the buyer and its exit will stand concluded.
Commented Mr Karan Adani, CEO and Whole-time Director, APSEZ: “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.”