1MDB says offers for unit close to asking price

Kuala Lumpur

1Malaysia Development Bhd, the debt-ridden state investment company that nearly defaulted earlier this year, said the offers it received for its energy unit are close to what it wants.

1MDB expects RM16 billion (S$5.2 billion) to RM18 billion for Edra Global Energy and has received bids close to that figure, 1MDB president Arul Kanda told reporters in Kuala Lumpur on Saturday. The amount includes the unit's debt.