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Kibo Energy PLC - Africa- and UK-focused energy project company - Signs agreement to buy the Victoria Falls solar park project in Victoria Falls, Zimbabwe from Broomfield International Ltd for £10.0 million. Says it will buy the entire issued share capital of Brownhill and shareholder loan claims against the firm, which holds the project through its wholly-owned subsidiary Power Ventures Ltd. The consideration will be payable in new shares in Kibo at an issue price of 5 pence per share. It will follow a one for 10 share consolidation as part of the transaction. Explains that it has requested for its shares to be suspended from trading as the deal constitutes a reverse takeover. The Victoria Falls solar park is a 100 million watt solar power generation project located. Expects it to deliver an equity internal rate of return of 18% and earnings before interest and tax of $107 million.
Current stock price: Suspended
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