March 23, 2016 / 4:55 AM / 3 years ago

Malaysia's 1MDB says completes sale of power assets to Chinese firm

Foliage partly covers a 1 Malaysia Development Berhad (1MDB) billboard at the funds flagship Tun Razak Exchange development in Kuala Lumpur, Malaysia, July 3, 2015. REUTERS/Olivia Harris

KUALA LUMPUR (Reuters) - Malaysia state fund 1Malaysia Development Berhad (1MDB) [TERRN.UL] said on Wednesday it has completed the sale of its power assets to China General Nuclear Corp (CGN) under a $2.3 billion cash deal agreed last November.

State-owned CGN acquired 1MDB’s Edra Global Energy Berhad and its subsidiaries in a cash transaction, 1MDB said, and will assume the assets’ gross debt and cash reserves.

Reporting by Rozanna Latiff; Editing by Kenneth Maxwell

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