8th Oct 2025 08:45
(Alliance News) - Kibo Energy PLC said on Wednesday it has agreed to acquire Carbon Resilience Pte Ltd from FA SPC Real Asset Income Ltd for USD135 million.
The Galway, Ireland-based cash shell said this transaction would qualify as a reverse takeover.
Kibo became a cash shell after restructuring and repositioning itself during the first half of 2024, focusing on transitioning to a broader-based energy company. The restructuring plan saw the company overhaul its board, sell assets, and part of the disposal and restructuring of its loan debt and an agreement for part conversion of trade creditor debt to equity.
In terms of the proposed Carbon Resilience deal, Kibo will issue 966 million new Kibo shares at 10.4 pence each, subject to adjustment based on the results of the due diligence investigation.
The takeover is subject to approval by Kibo's shareholders. Kibo will also ask shareholders to vote on a one-for-1,600 share consolidation.
Carbon Resilienc, a private renewable energy company, controls a portfolio of onshore wind, solar, and battery energy storage projects in Queensland, Australia.
Kibo said the proposed acquisition would be the first step in its plan to develop and operate large-scale firm clean power solutions to support grid supply, industrial electrification, data centres, critical minerals processing, green steel and low-carbon liquid fuels production.
On Wednesday, Kibo also said it has issued a convertible loan note to an institutional investor to raise GBP150,000 for general working capital purposes and to cover the initial costs of the reverse takeover.
Kibo shares are suspended from trading in Johannesburg and London.
By Artwell Dlamini, Alliance News senior reporter South Africa
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