KUALA LUMPUR, Aug 22 – 1 Malaysia Development Bhd (1MDB) believe a definitive agreement can be signed with the selected company-related power assets, Edra Global Energy Bhd (Edra), in the fourth quarter of this year. In a statement Friday, 1MDB said the settlement is expected to be reached soon after the conditions precedent are fulfilled.
“1MDB Board will be guided by, among other things, maximize value to its shareholders, the certainty of the transaction and the terms are fair and reasonable,” the company said. 1MDB until now has shortlisted a select group of potential parties, which includes domestic and international strategic investors, to memulakanm detailed due diligence on Edra, the holder of its energy assets, the company said.
“The due diligence process will involve, among other things, discussions with management, access to data and site visits, designed to facilitate their review and study Edra,” he said. As part of the rationalisation plan announced by the Ministry of Finance on May 29, 1MDB actively pursuing various options relating to the fund-raising power assets under Edra.
