(Alliance News) - Kibo Energy PLC on Friday announced that subsidiary Mast Energy Developments PLC has raised in excess of GBP5 million for its upcoming float on the London Main Market.
Shares in Kibo Energy were 14% higher at ZAR0.08 on Friday in Johannesburg. Its London shares were 16% higher at 0.39 pence.
The fundraise has closed with initial demand exceeding the Irish multi-asset energy company's expectations. Mast Energy is expected to have a market capitalisation of approximately GBP23 million on admission, up from its initial target of GBP20 million.
Mast Energy will now start trading after its final submissions to the UK Financial Conduct Authority and will soon publish a final prospectus which will including the listing date.
On listing, Mast is expected to remain a Kibo subsidiary, with Kibo holding at least 55% of Mast on the day of admission.
Mast will use the IPO fund to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator.
"We are delighted with the very positive response to the MED fund raise and with the professional and competent team we have assembled to deliver growth for shareholders. We are proud of a team that represents drive, experience and expertise and really looking forward to updating the market on MED's aggressive plans for expansion in the short term," said Chief Executive Officer Louis Coetzee.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Kibo Energy (KIBO)