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Malaysia's CIMB says appointed to advise on sale of 1MDB's power assets
[KUALA LUMPUR] CIMB Group Holdings Bhd, Malaysia's second-largest bank by assets, said on Thursday it has been appointed by the country's finance ministry to act as adviser for the potential sale of power firm Edra Global Energy Bhd, owned by indebted state fund 1MDB, to strategic investors.
"CIMB's role will include identifying potential buyers and running a competitive process for Edra to derive an optimal outcome for the ministry of finance," CIMB said in a press statement.
The appointment does not extend to any other areas relating to 1Malaysia Development Bhd Group, known as 1MDB, CIMB added.
1MDB was also planning to list its power assets in an initial public offering expected to fetch US$3 billion, sources have said, a move proposed to help reduce a debt pile of US$11.6 billion.