(Alliance News) - Kibo Energy PLC said on Thursday it is seeking admission to the London Stock Exchange for its soon to be renamed UK subsidiary Sloane Developments Ltd.
Sloane, which will soon trade as Mast Energy Developments PLC, will be listed on the LSE by the fourth quarter of 2020, Kibo said.
River group will manage the admission along with the IPO.
The IPO will "seek to raise sufficient funds to develop a portfolio of flexible power plants in the UK to become a multi-asset operator in the rapidly growing reserve power market", Kibo explained.
"Reserve power is the fastest growing energy sector in the UK as a result of rising demand and predicted energy deficit. In light of this rapid growth and demand, we believe it is an opportune and highly strategic time to list our UK clean natural gas energy assets as a standalone company on the LSE." said Kibo Chief Executive Louis Coetzee.
The Ireland-based company will continue to profit from the subsidiary by maintaining a majority share, in order to fulfil its primary goal of "addressing the acute power deficits in Sub-Saharan Africa" and to capitalise on the growing reserve power sector in the UK.
Shares of the company were down 18% at 0.18 pence each on Thursday afternoon in London. In Johannesburg, they were untraded, last quoted at ZAR0.10.
By Neetika Kurup; neetikakurup@alliancenews.com
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Kibo Energy (KIBO)