Adani Ports and Special Economic Zone Ltd (APSEZ), an integrated transport utility in India and a part of the diversified Adani Group, has completed the Myanmar Port sale for a total consideration of US$30 million.
Earlier, in May 2022, APSEZ announced the 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, whose identity has not been published.
The buyer will pay the said amount to the seller within three business days on completing all the necessary compliance by APSEZ. On receipt of the total transaction value, APSEZ shall transfer the equity to the buyer and its exit will stand concluded.
Karan Adani, CEO and Whole-time Director, APSEZ said 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.
