Adani Ports and Special Economic Zone Ltd (APSEZ) on Thursday said that it has concluded the Myanmar Port sale for a total consideration of $30 million. The integrated ports and logistics company had, in May 2022, 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,” it said in a regulatory filing.
“Given the continuous delay in the approval process and challenges in meeting certain CPs, APSEZ has obtained an independent valuation on “as is where is” basis. Thereby the buyer and seller have renegotiated the sale consideration to $30 million,” it added. On completion of all the necessary compliance by the seller, the buyer will pay the amount to the seller within 3 business day, following which, APSEZ will transfer the equity to the buyer. “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 Karan Adani, CEO and Whole-time Director, APSEZ.
Earlier today, APSEZ stated that it handled 32.3 MMT of total cargo in April 2023, implying a YoY growth of 12.8 per cent, supported by dry cargo volumes increase of 9 per cent and container volume increase of 13.6 per cent. Karan Adani also stated, “Dhamra LNG Terminal berthed its first ship and the natural gas started flowing in the pipeline network connected to the terminal, well in line with our guidance of achieving the LNG terminal commissioning during Q1 FY24.”
Four of the company’s ports recorded significant sequential growth in monthly volumes. “These include Krishnapatnam (5.2 MMT, +22.6%YoY), Dhamra (3.3 MMT, +36.8%YoY), Tuna (1.15 MMT, +57.6%YoY), and Katupalli & Ennore combined (1.7 MMT, +13.3%),” a regulatory filing said.
The Gangavaram Port in Andhra Pradesh handled its highest monthly rakes count of 88 on account of handling coastal coal cargo for one of its customers. “The investments in rail infrastructure at our ports have been one of the catalysts for our improved operational performance. Continuing that journey, Dahej Port completed the extension of overhead electric lines, thereby enabling it to handle rakes with electric locomotives of Indian Railways,” the company said.