Adani Ports Sells Myanmar Port:
Adani Ports and Special Economic Zone Ltd (APSEZ) has announced the successful sale of its Myanmar Port for a total of USD 30 million. The sale was finalized after a Share Purchase Agreement (SPA) was signed in May 2022, which included certain conditions that needed to be met before the transaction could be completed.
However, due to delays in the approval process and difficulties in meeting certain conditions, APSEZ sought an independent valuation on an “as is where is” basis. As a result, both parties agreed to renegotiate the sale consideration to USD 30 million.
The buyer will pay the agreed amount to the seller within three business days upon completion of all necessary compliance by the seller. Upon receipt of the full transaction value, APSEZ will transfer equity to the buyer, and the company’s exit from the project will be concluded.
APSEZ CEO and whole-time director Karan Adani stated that the exit aligns with the guidance provided by the APSEZ Board and the risk committee’s recommendations made in October 2021.
The project had encountered controversy in the past when it was reported that Adani had met with Senior General Min Aung Hlaing, Myanmar’s army chief, who had led a coup against the elected government in July 2019. Nonetheless, APSEZ clarified in August 2021 that its investment in the Myanmar port was not in violation of any sanction guidelines issued by the US Department of Treasury’s Office of Foreign Assets Control (OFAC).
APSEZ, which is part of the globally diversified Adani Group, is India’s largest port developer.
About Adani Ports:
Adani Ports and Special Economic Zone Limited is a prominent logistics and port operating company based in India. With a robust network of 12 ports and terminals, including India’s first port-based SEZ at Mundra, APSEZ is the largest private port operator in the country.
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