Multi-asset, Africa-focused, energy company Kibo Energy, through its 100%-owned UK subsidiary Sloane Developments (Sloane), has acquired 100% interest in Mast Energy Developments (MED).
As part of the existing deal with MED, Sloane has acquired from St Anderton on Vaal the remaining 40% interest in MED in exchange for 36.92-million new ordinary shares in Sloane.
MED is in the business of acquiring, developing, building and operating small, multiple flexible power plants throughout the UK, producing safe and clean reserve power through natural gas. These power plants then deliver electricity into the national grid to contribute to stable electricity provision and help prevent future shortages, mitigating future blackout events.
The deal also involves Sloane Developments, which is being renamed Mast Energy Developments.
Accordingly, Sloane will, at completion of the share exchange transaction, own a 100% interest in MED alongside its 100% interest in Bordersley Power as it seeks to develop a portfolio of flexible power plants in the UK.
St Anderton will, on completion of the deal, hold 26.11% of Sloane, with Kibo holding the remaining 73.89%.
Completion shall take place upon the satisfaction or waiver of conditions precedent to any required approvals or other consents being obtained from the UK listing authority and financial conduct authority with regard to the listing of Sloane/MED on the main market of the LSE, standard segment.
Kibo CEO Louis Coetzee says Sloane’s acquisition of St Anderton’s interest in MED takes the company one step closer to the listing of MED, formalising the new corporate and share structure.
“With a 100% interest in two highly strategic assets, MED is poised to develop a portfolio of flexible power plants in the UK, which Kibo will crucially continue to gain upside from, through our majority interest in MED.
“We look forward to continuing to advance this listing at pace so that MED can capitalise on the significant growth opportunities available in the rapidly growing reserve power market and we can realise value for all stakeholders.”