Kibo Energy PLC - Africa- and UK-focused energy project company - Signs agreement to buy the Victoria Falls solar park project in Victoria Falls, Zimbabwe from Broomfield International Ltd for GBP10.0 million. Says it will buy the entire issued share capital of Brownhill and shareholder loan claims against the firm, which holds the project through its wholly-owned subsidiary Power Ventures Ltd. The consideration will be payable in new shares in Kibo at an issue price of 5 pence per share. It will follow a one for 10 share consolidation as part of the transaction. Explains that it has requested for its shares to be suspended from trading as the deal constitutes a reverse takeover. The Victoria Falls solar park is a 100 million watt solar power generation project located. Expects it to deliver an equity internal rate of return of 18% and earnings before interest and tax of USD107 million.
Current stock price: Suspended
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Kibo Energy (KIBO)