Najib: 1MDB Rationalisation Plan Being Finalised

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KUALA LUMPUR, Dec 11 – Prime Minister Datuk Seri Najib Tun Razak is confident 1Malaysia Development Bhd (1MDB)’s rationalisation plan, which is in the midst of being completed will be carried out smoothly. As evident, the Umno President said the sale of Edra Global Energy Bhd has help reduce 1MDB’s debts by RM17 billion.

“This shows that the rationalisation plan is being executed smoothly. Several other announcements would be made soon which would give more confidence to the people that the government is really making a concerted effort in ensuring the success of the rationalisation plan,” said Najib, who is also Finance Minister, in his speech at the 2015 Umno Assembly here Thursday.

On Nov 23, 1MDB, Edra and its subsidiary signed a sale and purchase agreement with the CGN Group, which had entered into a consortium with Qatar Nebras Power to sell 100 per cent equity in the power asset company. The other power asset companies involved were Edra Solar Sdn Bhd, Edra Energy Sdn Bhd, Powertek Energy Sdn Bhd, Jimah Teknik Sdn Bhd, Jimah O&M Sdn Bhd, Mastika Lagenda Sdn Bhd and Tiara Tanah Sdn Bhd.

CGN Group will pay cash RM9.83 billion for the acquisition of the equity in Edra Global Energy and take over the debts of the company amounting to almost RM8 billion. The transaction is expected to be completed in February 2016. Besides the sale, the 1MDB’s rationalisation plan also includes the exchange of debts for equities in Dubai-based International Petroleum Investment Company (IPIC) which will see 1MDB’s debts being reduced by about RM16 billion.

1MDB also plans to sell its equity in Bandar Malaysia worth RM11 billion. Meanwhile, the prime minister also reiterated that the RM2.6 billion funds are donations from overseas and not IMDB funds. He have also explained this, in detail, during the presidential briefing on Tuesday. What’s important, Najib said he believe is, he is on the right path and the truth will prevail.

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