RE: RNS out10 Jul 2024 07:47
"The foreshadowed internal corporate re-organisation is being implemented to facilitate closing with regional investors and, in due course, the local stock exchange listing of securities issued to locals by the Ethiopian holding company which will hold the shares in Tulu Kapi Gold Mines Share Company ("TKGM") and all licences and applications for other projects which include gold, lithium, nickel and copper.
Subject to finalisation of full Project financing, KEFI's current beneficial ownership of 95% in TKGM will likely be diluted to c.80% upon closing. Equity subscriptions into TKGM are at entry valuation of approximately US$200 million whilst the NPV of TKGM equity is estimated at c.US$650 million*."
Well rest of RNS basically saying things are on track. There paragraph above "foreshadows" the plan post TK though which look like project funded at project level rather than corporate level with more money sourced at in Ethiopia itself through the stock exchange there and international companies that are active in the country which will be helped by the present economic liberalisation plan and the developments with it stock exchange later this year.
Would expect the same kind of thing to be done in Saudi projects funded at project level and Saudi listing.
Obviously the Ethiopian government will back Kefi to the hilt as a successful listing can help both its mining sector and it equity sector.