According to the board of directors’ minutes from April 7, 2022, the newly elected board accepted a proposal from Decimal Capital and invited all three businesses to provide a presentation. The new board members all agreed with Decimal Capital’s suggestion.
The Ministry of Finance rejected the other bids because they demanded a government guarantee. To negotiate Decimal Capital’s bid, TOR hired a transaction advisor, and the management formed a project execution committee.
The agreed-upon term sheet was submitted to the State Interest and Governance Authority (SIGA) and the Ministry of Energy for approval after a six-month negotiation. The conditions were to be included in a leasing agreement, and these approvals were granted.
Decimal Capital will include an SPV in their application to sign the lease deal with TOR. This is a fairly typical corporate transaction procedure. As a special-purpose vehicle, Rentco Asset Management Limited was established in January 2023.
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