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.
Last November, 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 Edra's monetisation, a significant and tangible milestone of the 1MDB rationalisation plan, as first announced by the Finance Ministry on May 29, 2015.
Under the SSPA, the CGN Group agreed to acquire 100 percent 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.
Bernama
Wed Mar 23 2016
The SSPA completion marks the conclusion of Edra's monetisation, a significant and tangible milestone of the 1MDB rationalisation plan.
Israel PM Netanyahu says peace with Saudi Arabia is achievable
I think peace between Israel and Saudi Arabia is not only feasible, I think it's going to happen, says Israeli PM Benjamin Netanyahu.
Trump says UN has to 'get its act together,' UN pushes back
US President Donald Trump criticises the United Nations as "not being well run".
Police use latest tech to assist in renewed investigation of Teoh Beng Hock's case
Police says the technology could produce a clearer picture of the location where Teoh Beng Hock was found dead 15 years ago digitally.
Family of American killed on Malaysian Airlines flight can sue Russian bank, US court rules
The flight was shot down over DPR-controlled territory in eastern Ukraine by a surface-to-air missile, killing all 298 people on board.
FLOODCOM: M'sia's first floating flood disaster command centre using nuclear technology
The floating flood disaster command centre incorporates nuclear technology to accelerate emergency response and coordination during floods.
Saudi Arabia says it won't establish ties with Israel without creation of Palestinian state
Saudi Crown Prince affirms kingdom's stance in a "clear, explicit manner" with no room for interpretation, says foreign ministry.
What are five new critical metal exports restricted by China?
China announced sweeping export restrictions targeting five metals used across defence, clean energy and other industries.
Trump, in shock announcement, says US wants to take over Gaza Strip
The US will take over the Gaza Strip, and we will do a job with it too, says US President Donald Trump.
Air Busan to disallow power banks in overhead bins after plane fire
Any power banks should be kept with passengers so any overheating, smoke or fire can quickly be spotted and dealt with.
Can the US Congress intervene on Trump's tariffs?
The US Constitution gave Congress tariff powers, but for 70 years, it has passed laws shifting that authority to the president.
Trump proposes permanent displacement of Gazans with Netanyahu at White House
Trump repeated his call for Jordan, Egypt and other Arab states to take in Gazans.
Sweden's deadliest attack leaves 10 dead at Orebro adult school
Police said the gunman was believed to be among those killed.
Suggesting MCA's removal from BN is 'daydreaming' - Ahmad Zahid
Barisan Nasional chairman Datuk Seri Dr Ahmad Zahid Hamidi emphasised that the coalition has never discussed removing MCA.
Five people shot in attack at Swedish school, police say
The shooting took place in a campus area where several schools are located.
50 per cent toll discount to be implemented during all festive seasons this year - Nanta
Datuk Seri Alexander Nanta Linggi says this measure would reduce the costs borne by the government in compensating highway concessionaires.
China launches antitrust probe into Google
China's State Administration for Market Regulation launches an antitrust investigation against Google over suspected violations.
Arab nations oppose removing Palestinians from Gaza in letter to US
Reconstruction in Gaza should be through direct engagement with and participation of the people of Gaza, the letter said.
Trump orders creation of US sovereign wealth fund, says it could buy TikTok
If created, the sovereign wealth fund could place the US alongside numerous other countries, particularly in the Middle East and Asia.
Hundreds flee Santorini as quakes disrupt life
Hundreds of quakes registered every few minutes between the volcanic islands of Santorini and Amorgos in the Aegean Sea.
Investigators probe Washington plane crash wreckage and flight logs
The salvage team recovers part of the fuselage and right engine and the Black Hawk will be retrieved after the plane is fully recovered.