19.1 C
Hamburg
Sunday, June 1, 2025
Home Port News Adani sells Myanmar Port for US$30 million

Adani sells Myanmar Port for US$30 million

Adani Ports and Special Economic Zone Ltd (APSEZ), an integrated transport utility in India and a part of the diversified Adani Group, has completed the Myanmar Port sale for a total consideration of US$30 million.

Earlier, in May 2022, APSEZ announced the signing of a Share Purchase Agreement (SPA) for the sale of its Myanmar Port.

The SPA had certain Condition Precedents (CPs), including completion of the project and relevant approvals for smooth conduct of business by the buyer, whose identity has not been published.

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

Karan Adani, CEO and Whole-time Director, APSEZ said this exit is in line with the guidance provided by the APSEZ Board based on the recommendations made by the Risk Committee in October 2021.





Latest Posts

The Indian Ocean Rivalry

The Indian Ocean has emerged as a strategic theater of competition between two Asian giants: India and China. India’s recent developments indicate a rapid expansion...

Statkraft advances plans for green hydrogen scheme at Hunterston

Europe’s largest generator of renewable energy has proposed the development of a green hydrogen facility at Hunterston, the former coal terminal in Ayrshire. Clydeport –...

Port of Bilbao wraps up busiest month for cruise traffic

May has marked a record month for cruise activity at the Port of Bilbao’s terminal in Getxo, with 18 cruise ship calls bringing over...

Tripoli port shutdown sparks maritime crisis in Libya

Libya’s shipping sector is teetering on the edge of collapse as fresh waves of political violence erupt in Tripoli, crippling key port operations and...

KlaipÄ—da port embarks on green hydrogen initiative

KlaipÄ—da Port launched its green hydrogen initiative, positioning itself as the first in Lithuania and the broader Baltic region to produce and supply green...
error: Content is protected !!