Friday, August 21, 2015

1MDB shortlists investors for Edra Global Energy

1Malaysia Development Bhd (1MDB) has shortlisted local and international investors to undertake a due diligence of its power business held under Edra Global Energy Bhd.

It said on Friday that under its rationalisation plan to monetise its investment, which was announced on July 15, it had since shorltisted the potential parties.

It said the move was to progress their detailed due diligence inquiries into Edra which houses our power assets.

“The due diligence exercise will entail, among others, discussions with management, access to data room and site visits, designed to facilitate the potential investors’ review of Edra,” 1MDB said.

1MDB was confident a definitive agreement with the chosen party could be entered into by Q4 2015, with completion to take place soon after relevant conditions precedent are fulfilled.

“The board of directors of 1MDB will be guided by, among other things, value maximisation to 1MDB’s shareholders, deal certainty, and terms that are fair and reasonable,” it emphasised.

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