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Sovereign Wealth Funds Briefing - Categorized | Financials, Market

Malaysia’s scandal-hit 1MDB sells energy assets for $2.3B

Posted on 26 November 2015

Malaysia’s beleaguered sovereign wealth fund 1Malaysia Development Berhad (1MDB) has sold its energy assets for 9.83 billion ringgit ($2.3 billion) to a Chinese nuclear power supplier, in a move that should help it cut its debt burden.
As part of the deal, which is expected to be completed in February 2016, China General Nuclear Power and its subsidiaries will acquire the Edra group of companies and assume all the relevant gross debt and cash. This transaction was a major milestone in the 1MDB rationalization plan that was presented to Malaysia’s cabinet on May 29, 1MDB said in a statement………………………………………..Full Article: Source


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