IN BRIEF: Kibo Energy pays part of loan via shares; director retires

Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Allots 500 million new shares to RiverFort Global Opportunities PCC Ltd, representing conversion of accrued fees and interest totalling GBP161,000. Says it now owes the outstanding balance of GBP1.1 million to RiverFort under the facility restatement agreement dated April 10, 2023. The original facility agreement was signed on February 16, 2022. Kibo has 3.8 billion shares in issue.

Non-Executive Director Ajay Saldanha retires, with effect from Wednesday. Kibo says Saldanha's retirement is due to his increased workload outside of Kibo. Says it is in the process of identifying a replacement non-executive director. Aslo says its Chief Financial Officer Jacobus van der Merwe has agreed to join the board, subject to completion of regulatory checks.

Current stock price in Johannesburg: 1.00 rand cents

12-month change: down 75%

By Artwell Dlamini, Alliance News reporter

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