Kibo Energy

Kibo Energy Subsidiary Achieves Major Shareholding Milestone in Flexible Power Market

 (Johannesburg Stock Exchange) Kibo Energy PLC (AIM: KIBO; AltX: KBO), a development company with a focus on renewable energy, today announced a significant milestone achieved by its subsidiary, Mast Energy Developments PLC (MED). MED, a UK-based entity specializing in the ownership, development, and operation of assets within the flexible power market, has reported a TR-1 Notification of Major Shareholdings.The notification highlights a strategic disposal of MED shares, resulting in proceeds of approximately £29,350. These funds have been utilized to decrease the outstanding balance of Kibo's reprofiled bridge loan facility with RiverFort Global Opportunities PCC Ltd. This financial maneuver follows closely on the company's announcements made on 11 and 26 April 2023, showcasing a proactive approach to financial management and operational strategy.

The TR-1 notification specifies that Kibo Mining (Cyprus) Limited, a direct affiliate, has adjusted its voting rights within Mast Energy Developments PLC, crossing a significant threshold on 01 March 2024. Prior to this change, the shareholder's voting rights stood at 35.80%. Following the transaction, the voting rights have shifted to 33.15%, corresponding to a total of 87,461,746 voting rights in MED. This adjustment reflects a strategic realignment of Kibo's investment in MED, aligning with its broader operational and financial objectives.

The detailed announcement, available on MED's official website, marks a pivotal step for Kibo Energy PLC in strengthening its position within the renewable energy sector, particularly in the burgeoning market for flexible power solutions. The transaction not only optimizes Kibo's financial structure but also underscores the company's commitment to advancing its subsidiary's growth trajectory in alignment with sustainable energy development goals.

For additional information, stakeholders are encouraged to visit MED's website or contact the company directly through the provided communication channels. This announcement also constitutes inside information as per the UK Market Abuse Regulation, now publicly disclosed in accordance with regulatory requirements.