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Kibo Energy Closes Acquisition of 60% Interest in MED
Friday 12 October 2018

12 October 2018 - Africa focused energy company Kibo Energy plc (LSE: KIBO) has completed the acquisition of a 60% Interest in UK power project development company Mast Energy Developments, the group said.

Mast Energy is a private UK registered company targeting the development and operation of flexible power plants to service the reserve power generation market.
MED's business strategy is to acquire and develop a portfolio of small-scale power generation assets. Various "shovel ready" sites have already been identified in the UK, capable of sustaining gas fired power generators and ancillary structures from 20mw upwards.

They have full planning permission and permitting in place, long term lease agreements, grid and gas connection offers and positive feasibility studies, pertaining to technical and commercial viability.

The full summary terms of the acquisition are described in the RNS announcement dated 15 August 2018.
As part of the acquisition consideration, the company will issue 5,714,286 new ordinary shares at a deemed price of 5.25 pence each in the company to the existing MED shareholders.

Kibo Energy is a multi-asset, Africa focussed, energy company positioned to address the acute power deficit, which is one of the primary impediments to economic development in Sub-Saharan Africa. 

To this end, it is the company's objective to become a leading independent power producer in the region.
Kibo is simultaneously developing three similar coal-fuelled power projects: the Mbeya Coal to Power Project in Tanzania; the Mabesekwa Coal Independent Power Project in Botswana; and the Benga Independent Power Project in Mozambique.
Date Published: 12/10/2018
Target: Mast Energy Developments
Country: UK
Deal Size: 39.69m (USD)
Sector: Utilities
Type: Corporate acquisition
Financing: Stock
Status: Closed
Buyer: Kibo Energy plc