AIM-listed Kibo Energy’s (LON: KIBO) share price has risen on Monday following the company’s announcement that MAST Energy Developments Plc is to list on the London Stock Exchange by way of a standard listing on the 14th of April 2021, under the ticker MAST.
MAST is a 100% owned subsidiary of Kibo and 100% holding company of Sloane Developments Ltd.
Kibo shares are trading 14% higher at 0.365p.
On the 5th of February 2021, MAST raised over £5 million through a placing of 44.32 million ordinary shares giving it a market capitalisation of approximately £23 million. After the listing, MAST will remain a Kibo subsidiary, with the energy company holding 55.42% interest on the day of admission.
MAST will use the proceeds from the listing to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator in the rapidly growing reserve power market.
Louis Coetzee, CEO of Kibo, said: “With strong institutional and retail support having raised in excess of £5m, MED now looks forward to listing on the London Stock Exchange on the 14th of April 2021. Thereafter, it will hit the ground running, rapidly building production and strengthening its position as a key energy provider supporting the UK's transition to renewable energy.”
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