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Ncondezi Energy CEO hails shareholder agreement with China Machinery Engineering Corporation

Ncondezi Energy Limited's (LON:NCCL) Hanno Pengilly speaks to Proactive's Katie Pilbeam after announcing they've signed a shareholder agreement term sheet with China Machinery Engineering Corporation. It'll see CMEC maintain a 40% stake in its 300-megawatt coal-fired power project and coal mine in Mozambique. CMEC will subscribe for a 60% equity stake in the project following the execution of a full form agreement, while CMEC and Ncondezi have agreed to fund development costs up to the financial close of an agreement on a 60:40 basis.

Quick facts: Ncondezi Energy Ltd

Price: 3.4 GBX

Market: AIM
Market Cap: £11.89 m

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