Adani Ports and Special Economic Zone Ltd (APSEZ) has completed the sale of its port in Myanmar for $30 million.

The sale was originally announced in May 2022 when APSEZ signed a Share Purchase Agreement (SPA) with certain Condition Precedents (CPs) for the sale of its Myanmar Port.

However, the approval process faced delays, and certain CPs were difficult to meet, prompting APSEZ to obtain an independent valuation on an “as is where is” basis.

Consequently, the sale consideration was renegotiated to $30 million.

According to Adani’s recent statement, the buyer will pay the agreed within 3 business days on completing all necessary compliance, and APSEZ will transfer the equity to the buyer, concluding its exit from the Myanmar Port.

“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,” commented APSEZ’s CEO and Whole-time Director, Karan Adani.

The Myanmar Port is located at Yangon and was operated by APSEZ’s subsidiary, Adani Yangon International Terminal Company Limited. The port has a capacity of handling 800,000 TEU and 3.5 million metric tonnes of bulk cargo per annum.

APSEZ handled 8.6 million TEU from April 2022 to March 2023, reflecting a 5 per cent year-on-year increase.

Approximately 6.6 million TEU were handled at Mundra Port alone.