Adani Ports Completes Sale Of Myanmar Port For $30 Million

Adani Ports and Special Economic Zone Ltd. has concluded the Myanmar port sale for a total consideration of $30 million, or Rs 245.21 crore. The amount has been calculated after independent valuation on an "as is, where is" basis.

The company first announced the signing of a share purchase agreement for the sale of its Myanmar port in May 2022.

Given the continuous delay in the approval process and challenges in meeting certain condition precedents of the SPA, Adani Ports obtained an independent valuation on an "as is, where is" basis, according to a press release issued by the company.

The buyer and seller have renegotiated the sale consideration of the port to $30 million.

"The buyer will pay the said amount to the seller within three business days of completing all the necessary compliance by the seller. On receipt of the total transaction value, APSEZ shall transfer the equity to the buyer, and its exit will stand concluded," the press release said.

"The exit is in line with the guidance provided by the company's board, based on the recommendations made by the risk committee in October 2021," said Karan Adani, chief executive officer and whole-time director, Adani Ports & SEZ Ltd.