Kibo sets date for MAST listing

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Kibo sets date for MAST listing

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Published Date: 2021-03-30 | Source: Stephen Gunnion | Author: Stephen Gunnion

Kibo sets date for MAST listing

The company plans to take advantage of demand for reserve power to back up the renewable energy market.

KIBO Energy says its MAST Energy Developments (MED) subsidiary will list on the London Stock Exchange next month following a strong response to its initial public offering.

MED was established to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator in the rapidly growing Reserve Power market. The company said this was critical for the renewable energy market, which needed natural gas as a back-up source of energy as renewable supply could be intermittent.

Last August, Kibo's Sloane Developments unit acquired the remaining 40% interest in MED as part of its strategy to build revenue streams in the short term, while also using MED's experience as it develops new energy projects in Africa. It is developing the UK reserve power business model alongside its existing coal-to-power projects on the continent. Sloane will be listed as MED and will remain a Kibo subsidiary after listing, with Kibo holding 55.4% of its stock on the day of admission.

Following the capital raise, MED will have a market capitalisation on listing of about £23 million (R474-million).

Kibo's shares closed unchanged at 8c yesterday.





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