KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) has completed the asset monetisation of its energy arm, Edra Global Energy Bhd, with the exchange of shares for cash with a related party, the company said today.
November last year, a share sale and purchase agreement (SSPA) was executed between 1MDB, Edra Global Energy and its subsidiaries, and China General Nuclear Power Corporation and its subsidiaries (CGN Group).
“1MDB is pleased to announce that following satisfaction of all conditions precedent, the SSPA was successfully completed this morning, with the exchange of shares for cash,” it said in a statement.
The SSPA completion marks the conclusion of the Edra’s monetisation, a significant and tangible milestone of the 1MDB rationalisation plan, as first announced by the Ministry of Finance on May 29, 2015.
Under the SSPA, the CGN Group agreed to acquire 100 per cent of 1MDB’s ownership in all its energy assets, namely Edra Solar Sdn Bhd, Edra Energy Sdn Bhd, Powertek Energy Sdn Bhd, Jimah Teknik Sdn Bhd, Jimah O&M Sdn Bhd, Mastika Lagenda Sdn Bhd and Tiara Tanah Sdn Bhd.