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Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Agrees to sell its 35% interest in Kibo Energy Botswana Pty to Shumba Energy (Pty) Ltd for USD375,000. Says the disposal of the remaining stake in the Botswana coal-based power project is part of its plan to divest of all its coal assets. Kibo Energy Botswana consists of the Mabasekwa coal to power project, which had a nil carrying value as at December 31 with an associated loss before tax of GBO3.56 million.
Kibo Chief Executive Louis Coetzee says the company aims to progress ongoing negotiations for the disposal of its Tanzanian coal assets. "This sale is in line with Kibo’s commitment to its renewed strategy to acquire and develop a portfolio of sustainable, renewable energy assets and implement an appropriate disposal and disinvestment or repositioning of all hydrocarbon and coal-based assets," Coetzee says.
Stock price close on Tuesday in Johannesburg: 2 rand cents
12-month change: down 67%
Stock price close in London: 0.051 pence
12-month change: down 73%
By Artwell Dlamini, Alliance News reporter
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