Kibo Energy says it is “at an advanced stage” in assessing potential acquisitions under a reverse takeover that would expand its presence in the renewable energy sector.
The company, which is listed on the JSE and London’s AIM, did not disclose the details of any specific project, but said it would keep shareholders and the market on developments.
Trading in the shares was suspended on the AIM on Monday. “The JSE has determined that there is no basis to suspend trading in the company’s securities at this stage,” Kibo said in a statement on Monday.
A reverse takeover, also known as a reverse initial public offering (IPO), is a process where a private company acquires a publicly listed company to become publicly traded itself. This approach allows the private company to bypass the lengthy and costly IPO process.
In late 2024, Kibo Energy terminated a €400m deal with Swiss company ESGTI due to time constraints in finalising due diligence. The proposed acquisition would have added a diverse portfolio of renewable energy projects targeting a 20GW output capacity within six years.
Founded in 2008 as Kibo Mining, the company was originally focused on mineral exploration in Sub-Saharan Africa. In 2018, it rebranded as Kibo Energy.
Kibo’s portfolio includes interests in the Sustineri Energy project in SA, and the Southport project and Mast Energy Developments in the UK.
The Sustineri Energy project is a 2.7MW waste-to-energy power station located in Gauteng Industrial Park, jointly owned by Kibo Energy (65%) and Industrial Green Energy Solutions (35%). It converts nonrecyclable plastic waste into synthetic gas, which fuels electricity generators, while the heat produced is sold to nearby industries. The project operates under a 10-year power purchase agreement.
With construction completed in 2023, the company plans to expand the plant’s capacity to 8MW within two years. Additionally, Kibo is exploring synthetic oil production from plastic waste.
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