India's Adani concludes sale of Myanmar Port for $30M

By Tuba Ongun

ANKARA (AA) – India's Adani Group announced on Thursday that it has concluded the sale of Myanmar Port for $30 million to an unnamed buyer.

Integrated transport utility Adani Ports and Special Economic Zone (APSEZ) said it signed a share purchase agreement for the sale of the port in May 2022 after a military coup in Myanmar in February 2021.

The deal had certain condition precedents (CPs), including completion of the project and relevant approvals for smooth conduct of business by the buyer, the company said in a press release.

Given the continuous delay in the approval process and challenges in meeting certain CPs, APSEZ obtained an independent valuation on the “as is where is” basis.

Thereby the buyer and seller have renegotiated the sale consideration to $30 million, it noted.

"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," said CEO Karan Adani.