28th Jan 2021 11:58
(Alliance News) - Kibo Energy PLC on Thursday said it will keep Mast Energy Developments PLC as its subsidiary following its initial public offering to the Official List of the London Stock Exchange.
The Irish multi-asset energy company said Mast, previously known as Sloane Developments Ltd, has commenced its roadshow this week to raise GBP4.5 million with an initial target market capitalisation of approximately GBP20 million.
Mast will, however, remain a Kibo subsidiary after listing, with Kibo holding at least 55% of Mast on the day of admission.
Mast will use the IPO fund to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator.
Kibo Chief Executive Louis Coetzee said: "Completion of the pathfinder prospectus and commencement of the roadshow brings the stated objective of listing on the LSE closer. This at a time when significant growth opportunities are available in the rapidly growing reserve power market to realise value for all stakeholders, as demand for reserve power in the UK increases."
Kibo did not mention the date of the IPO.
Kibo shares were flat at ZAR0.07 each in Johannesburg on Thursday, and were up 13% at 0.32 pence each in London.
By Greg Roxburgh; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Kibo Energy