Adani Ports and Special Economic Zone Ltd. (APSEZ), India’s largest integrated transport utility, on Thursday said it has finalized the sale of its Myanmar Port for $30 million, following a renegotiated share purchase agreement (SPA) signed in May 2022.
“The Company has entered into Share Purchase Agreement (SPA) with Solar Energy Limited for divestment of 100% equity stake of Coastal International Terminals Pte. Limited,” the company said in an exchange filing.
The sale’s conclusion is in line with guidance from the APSEZ board, based on a risk committee’s recommendations from October 2021, according to CEO Karan Adani.
The SPA’s completion faced delays due to challenging condition precedents, prompting APSEZ to obtain an independent “as is where is” valuation. After renegotiation, the buyer will pay the $30 million sale consideration within three business days, followed by APSEZ transferring the equity and officially exiting the Myanmar Port.
The Myanmar Port divestment marks a significant milestone in APSEZ’s growth plans as a dominant player in India’s ports sector. The company recently reported handling 32.3 million metric tonnes of cargo in April, a year-on-year increase of 12.8%.
