Kibo Energy PLC (LON:KIBO) told investors that the deadline for concluding its Chinese partnership deal has been extended to the end of November.
In July, the proposed partnership with China-based SEPCOIII was announced, and, it was understood that the partner would make one or more equity investments in Kibo.
As an internal investment approval process is ongoing, it was mutually agreed that the deadline would be extended.
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It is anticipated that the equity investments will provide Kibo with the funds necessary to fulfil its capital requirements over the short to medium term and also serve to endorse Kibo’s strategy to become a leading regional energy player in Africa.
"This is excellent news for Kibo on multiple levels,” Kibo chief executive Louis Coetzee said back in July.
“It is a major endorsement by one of the world's largest power EPC contractors of both our portfolio and strategy aimed at alleviating the acute energy deficit in Africa. It provides us with short to medium term cash stability, and it further strengthens our network of key partners and institutional investors to support us as we advance our portfolio of energy projects.”