(Alliance News) - Tlou Energy Ltd shares dived on Friday as it is under investigation in Australia by the country's company & financial services regulator.
The Australian Securities & Investments Commission, known as ASIC, is investigating two releases by the Brisbane, Australia-based power company that focuses on sub-Saharan Africa.
One of the releases from Tlou Energy that ASIC is investigating is titled "Carbon Neutrality", which is from February 2021. The other release ASIC is investigating is "Clean Energy for Botswana and Beyond" from October 2021.
Tlou Energy shares plummeted 27% to 1.32 pence each in London on Friday morning.
The investigation is into suspected contraventions by Tlou Energy of three sections of Australia's Corporations Act 2001 and three sections of the Australian Securities & Investments Commission Act 2001.
The power solutions company said it is co-operating with ASIC.
By Tom Budszus; tombudszus@alliancenews.com
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Tlou Energy (TLOU)