(Alliance News) - Kibo Energy PLC on Monday said it is finalising the acquisition of a 9 megawatt flexible gas power project in the UK which will be production-ready on completion of the acquisition.
The Irish multi-asset energy company said reports from the project vendor and onsite engineers state that the site will be in electricity generation readiness by mid-February.
The acquisition is being made through its UK subsidiary Sloane Developments Ltd from an unnamed vendor for GBP1.7 million, or approximately ZAR35.3 million.
The site and equipment will then settle into steady state electricity generation and commensurate revenue creation as planned for the project life cycle, the company said.
Sloane is seeking listing on the London Stock Exchange, after which it will be renamed Mast Energy Developments Projects PLC. Admission will be accompanied by an initial public offering, which will seek to raise sufficient funds to complete the acquisition. Kibo intends to maintain a strategic interest in Mast post the initial fundraise and admission of at least 51% ensuring continued upside from future developments.
Kibo Energy shares were up 14% at ZAR0.08 each in Johannesburg on Monday, and up 7.7% at 0.29 pence each in London.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Kibo Energy (KIBO)