(Alliance News) - Kibo Energy PLC said on Monday it expects the suspension of its shares to be lifted now that it has released its financial results.
The Galway, Ireland-based company is a cash shell that formerly owned energy projects in Africa and the UK.
This year, Kibo decided to sell its operating assets as held by Kibo Mining (Cyprus) Ltd, the holding company for its African projects. In September, it disposed of its 20% interest in Mast Energy Developments PLC.
Kibo Chair Clive Roberts said the company expects the trading suspension on the London Stock Exchange's AIM to be lifted coincident with the publication of 2023 annual accounts. Roberts expects the group's results for the first six months that ended June 30, 2024 to follow shortly.
To return to AIM, the company has to complete a reverse takeover. Early this month, Kibo terminated its bid to acquire a portfolio of renewable energy projects across Europe and Africa from Swiss-registered ESGTI AG for EUR400 million, citing time constraints.
In 2023, pretax loss narrowed to GBP5.7 million from GBP10.9 million in 2022. Revenue dwindled to GBP341,207 from GBP1.0 million.
Early in 2023, the company said it continued to focus on progressing its sustainable, renewable energy assets, notwithstanding its financial and operational challenges.
Kibo is also suspended from the Johannesburg Stock Exchange.
By Artwell Dlamini, Alliance News reporter
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Kibo Energy (KIBO)
