1MDB sells off energy assets to China firm for RM9.83b
The assets come under Edra Global, which had to abort its listing bid in Malaysia
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Kuala Lumpur
MALAYSIA'S beleaguered 1MDB has sold its energy assets under Edra Global Energy Bhd to China General Nuclear Power Corporation (CGN) and its subsidiaries for RM9.83 billion (S$3.24 billion) in cash, in the first of a three-step asset-sale strategy to pare its estimated RM42-billion debt down to more sustainable levels.
A share sale-and-purchase agreement was executed for the 100 per cent sale of 1MDB's ultimate ownership in all its energy assets under eight operating companies, said 1MDB, Edra and the CGN Group in a joint statement on Monday.
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