Adani Ports and Special Economic Zone Limited (APSEZ) has completed the sale of Myanmar Port for a total of $30 million or Rs 245.21 crore. The company first announced the signing of a share purchase agreement for the sale of its Myanmar port in May 2022.
A press release has been issued by the company in this regard. Accordingly, in view of the persistent delay in the approval process and the challenges faced in meeting the terms of the Share Purchase Agreement, Adani Ports has obtained an independent valuation on an as-is, where-is basis.
When will the equity be transferred to the buyer?
In this deal, the buying and selling company renegotiated the sale price and fixed it at $30 million. The press release states that the buyer will pay this amount to the seller within three business days of the seller completing all required compliances.
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Once the total transaction value is realized, Adani Ports and Special Economic Zone Limited will transfer the equity to the buyer and APSEZ will exit completely.
Karan Adani, Chief Executive Officer and Whole Time Director of Adani Ports and SEZ Limited, said that the company will exit based on the guidance given by the company’s board, which will be based on the recommendations given by the Risk Committee in October 2021.