1MDB shortlists investors for Edra, confident of an agreement by Q4

1MDB power plant

State investment vehicle 1Malaysia Development Bhd (1MDB) has shortlisted a select group of potential local and international strategic investors, who will carry out due diligence inquiries into its power asset unit, Edra Global Energy Bhd.

1MDB is confident that a definitive agreement with the chosen party can be entered into by the fourth quarter (Q4) of 2015, with completion to take place soon after relevant conditions precedent are fulfilled.

The fund is seeking the monetisation of its investment in Edra after its earlier plans of an initial public offering fell through in June. The fund emphasised that it remained focused on a rationalisation plan despite allegations from opposition politicians and former leaders of mismanagement of its funds.

“1MDB has since shortlisted a select group of potential parties, comprising both local and international strategic investors, to progress their detailed due diligence inquiries into Edra which houses our power assets.”

“The due diligence exercise will entail, among others, discussions with management, access to data room and site visits, designed to facilitate the potential investors’ review of Edra,” it said in a statement today.

As previously highlighted, the Board of Directors of 1MDB will be guided by, among other things, value maximisation to 1MDB’s shareholders, deal certainty, and terms that are fair and reasonable, the statement read.

In July, national power producer Tenaga Nasional Bhd submitted an indicative non-binding proposal to acquire the five domestic and eight international power assets of Edra. It was reported that YTL Power International Bhd is also eyeing the power assets in Edra.

Also read:

Tenaga Nasional to take 1MDB’s 70% stake in Project 3B

1MDB welcomes TNB’s non-binding offer for power assets

Sembcorp in ‘preliminary’ talks with 1MDB to acquire Edra Global Energy

1MDB may scrap IPO, to fall back on trade sale

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.