Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Says its shareholders have approved its proposed acquisition of renewable energy projects across Europe and Africa from Swiss-registered ESGTI AG for EUR400 million. Kibo asked its shareholders to vote on the deal at an extraordinary general meeting on Friday.
In line with the reverse takeover, Kibo is required to enlarged its share capital to be readmitted to AIM. A placing to accompany the reverse takeover will have a target raise of EUR30 million. The transaction is also subject to completion of due diligence and regulatory clearances. The assets Kibo plans to buy comprise 36 development projects, spanning 15 countries from early stage to under construction, with a target of 20 Gigawatts generation capacity within six years.
Kibo shares are suspended both in London and Johannesburg.
By Artwell Dlamini, Alliance News reporter
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Kibo Energy (KIBO)
