17th Apr 2019 15:31
LONDON (Alliance News) - Africa-focused energy company Kibo Energy PLC said on Wednesday it has signed a corporate finance agreement letter with Wimmer Financial LLP, which is part of global investment bank Wimmer Group.
Shares in Kibo more than doubled in London, trading at 2.30 pence, while Johannesburg shares were untraded at ZAR0.34 on Wednesday.
The letter appoints Wimmer as adviser and manager to Kibo on all aspects of the provision of a project finance corporate credit line facility of up to USD900 million, which could form part of a funding package for the company's African energy projects.
The letter will appoint Wimmer to the role of sole global debt corporate finance adviser for all projects except for Kibo's Tanzania project, on which Wimmer will not have exclusivity.
"Kibo is very pleased to have signed a formal engagement letter with an outstanding financial services provider like Wimmer. This formal engagement with Wimmer follows several months of discussion and negotiation and we are looking forward to working with Wimmer on securing the company's debt requirements for its African energy projects," said Chief Executive Officer Louis Coetzee.
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