We appreciate the opportunity provided to Adani Ports and Special Economic Zone (APSEZ) to share progress on our announced exit from Myanmar.

After signing a binding Share Purchase Agreement in May 22, APSEZ supported the buyer in completing the due diligence exercise. We are expecting to receive the sale proceeds within the next 3-4 months, and that will conclude our exit from Myanmar.

The Myanmar port was under construction when the decision to sell the asset was announced. APSEZ had appointed a third party to do the EPC work and deputed a small team from its India office to oversee the project construction. After commissioning the asset, APSEZ was to deploy a separate team skilled at port operations. However, with the change in ownership, this team will be constituted by the new owner.

APSEZ employees overseeing the project have the option of returning to India and continue working with the company, or they can choose to work at the Myanmar port with the new owner. ASPEZ has also fully complied with the contract agreements signed with their suppliers / contractors to ensure that no stakeholder, including the community, is adversely impacted.

Hope all your questions have been answered. We would be happy to provide any further clarification or details that are needed.