Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Says its subsidiary Mast Energy Developments PLC has issued 31.6 million new shares to Kibo to partially settle a loan. The payment in the form of shares amounts to GBP469,000. Says the remaining outstanding shareholder loan owed by MED is now GBP762,535. Following the partial settlement, Kibo will hold 147.8 million shares, or 56.02% interest, in MED.
Kibo also says it is working with its advisors and funders to assist MED to ensure this unit is sufficiently funded for its immediate capital requirements. "The favourable settlement terms with the extended pricing period not only highlights Kibo's ongoing support of MED but also illustrates its firm belief in MED's future success and anticipated conclusion of its previously announced joint venture," Kibo Chef Executive Louis Coetzee says.
Current stock price in Johannesburg: 2 rand cents
12-month change: down 67%
Current stock price in London: 0.051 pence
12-month change: down 73%
By Artwell Dlamini, Alliance News reporter
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Kibo Energy (KIBO)
Mast Energy. (MAST)