Kibo, Sepco III extend due diligence deadline to end-November
Aim- and JSE-listed Kibo Energy on Monday announced that the due date by which potential equity investor Sepco III had to complete its internal investment process had been extended to November 30.
This had initially been expected to be completed by September 30.
Kibo had signed a strategic development agreement (SDA) with China-based Sepco III in July, whereby Sepco III stated its intent to make one or more equity investments in Kibo towards the development of its energy projects.
Mining Weekly Online previously reported that Sepco III had committed to acquiring an initial direct equity investment of between 10% and 15% of Kibo's issued share capital for a cash price to be agreed between the two parties.
Additionally, Sepco III had the option, at its sole discretion and within 18 months from completion of the first direct equity investment, to make a second direct equity investment in Kibo of a further 5% to 10% of Kibo's issued share capital.
As part of the SDA, Sepco III has, subject to completing the first equity investment, the right to become the sole bidder for the engineering, procurement and construction contract in respect of all Kibo's existing and future energy projects.
Kibo is developing the Mbeya coal-to-power project, in Tanzania; the Mabesekwa coal independent power project, in Botswana; and has entered into a joint venture agreement with Mozambique energy company Termoeléctrica de Benga regarding the development of the Benga independent power project, in Tete, Mozambique.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Showroom
Axiom Hydraulics is a trusted leader in South Africa’s hydraulic industry, delivering world-class components, systems, and engineering expertise...
VISIT SHOWROOM
As a reticulator, Egoli Gas provides natural gas to homes and businesses via underground pipes.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
