Kibo Energy PLC Sale of Coal Interest in Botswana Power Project (5748O)
October 04 2023 - 1:00AM
UK Regulatory
TIDMKIBO
RNS Number : 5748O
Kibo Energy PLC
04 October 2023
Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
LEI Code: 635400WTCRIZB6TVGZ23
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
('Kibo' or 'the Company')
Dated: 04 October 2023
Kibo Energy PLC ('Kibo' or the 'Company')
Kibo Energy Enters into Agreement for Sale of its Coal Interest
in Botswana Coal-Based Power Project ("the Project")
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable
energy-focused development company, is pleased to announce that
pursuant to the Company's declared strategy to divest of all its
coal assets, Kibo has entered into a definitive share sale
agreement ("the Agreement") with Shumba Energy (Pty) Ltd ('Shumba')
for the sale of the Company's remaining 35% equity holding in Kibo
Energy Botswana Pty (Ltd) ("Kibo Energy Botswana") in which Kibo
held its interest in the coal resources associated with the Project
.
Kibo Energy Botswana consists of the Mabasekwa Coal to Power
Project, which had a carrying value of GBPnil as at 31 December
2022 with an associated loss before tax of GBP3.56m, largely
reflecting a full impairment of the carrying value in that
period.
The sale to Shumba is for a consideration of US$375,000
(three-hundred and seventy-five thousand dollars) ("the Purchase
Consideration") which is payable by means of ordinary shares in the
authorized unissued share capital of Shumba, listed on the Botswana
Stock Exchange ('BSE'), calculated on the basis of the
volume-weighted average price of shares in Shumba as traded over 30
(thirty) trading days prior to the issue date, and rounded up or
down to the nearest number of whole shares.
The disposal of the Company's coal interest in the Project is
part of the Company's declared strategy to divest from all all
hydrocarbon and coal-based assets and it also contributes to the
Company's ongoing actions to ensure that the Company continues to
have access to sufficient funding resources if and when required.
In this regard the Company is also continuously in discussions with
various potential funding sources to ensure that the Company has
sufficient means for its ongoing working capital needs.
Louis Coetzee, CEO of Kibo Energy, says: "This sale is in line
with Kibo's commitment to its renewed strategy to acquire and
develop a portfolio of sustainable, renewable energy assets and
implement an appropriate disposal and disinvestment or
repositioning of all hydrocarbon and coal-based assets. Our next
aim is to progress ongoing negotiations for the disposal of the
Company's Tanzanian coal assets and we will update the market in
this regard in due course."
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014.
**ENDS**
For further information please visit www.kibo.energy or
contact:
Louis Coetzee info@kibo.energy Kibo Energy PLC Chief Executive
Officer
James Biddle +44 207 628 3396 Beaumont Cornish Nominated Adviser
Roland Cornish Limited
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Claire Noyce +44 20 3764 2341 Hybridan LLP Joint Broker
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Damon Heath +44 207 186 9952 Shard Capital Partners Joint Broker
LLP
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Zainab Slemang zainab@lifacommunications.com Lifa Communications Investor and Media
van Rijmenant Relations Consultant
------------------------------ ----------------------- ----------------------
Johannesburg
04 October 2023
Corporate and Designated Adviser
River Group
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END
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