JSE-listed Hulisani has completed the R122-million acquisition of Momentous Technology, which owns a stake in the 7 MW Rustmo1 Solar Farm.
Hulisani CEO Marubini Raphulu said the acquisition is an important step in the company’s long-term strategy.
“Following the acquisition of Kouga Wind Farm earlier this year, the Rustmo1 solar PV farm not only expands our energy investments into solar, but also marks our first investment in an operational power producer,” he said.
Hulisani posted a loss of 13c a share for the period ended February 28, with a headline loss per share of 1c a share.
It earned interest income of R25.7-million, compared with expenses of R31.7-million.
While this resulted in a loss of R6-million, included in the expenses were the one-off costs of the listing fee of R2.4-million and escrow safe custody fees of R2.6-million.
In addition, the acquisition made in March incurred costs of R1.2-million, which were paid in the current year, while income from the acquisition will only be realised in the 2018 financial year.