Our opinion on the current state of KIBO(KBO)Kibo (KBO) is an African-oriented energy exploration company listed on the AIM (Alternative Investment Market) of the London Stock Exchange and on the Alt-X (Alternative Exchange) of the JSE. The company began exploration activities in Tanzania, holding 100% of the Mbeya project in coal and other minerals, which has been disappointing. It has since expanded to have interests in Mozambique (65% of the Benga coal power station, which they announced was progressing well on 30th January 2019 and again on 9th May 2019) and Botswana (85% interest in the Mabasekwa coal power project).
In its results for the six months to 30th June 2024, the company reported revenue of GBP202,258 and a loss of GBP492,055. The company said, "...a material uncertainty exists which may cast significant doubt on the Group’s ability to continue as a going concern."
On 7th June 2024, the company announced a partly conditional fundraise with gross proceeds of £500,000 raised at a placing price of 0.015p. Mohammed Ashraf was proposed to join Kibo as Executive Director and Chief Executive Officer.
On 23rd December 2024, the company announced its financial results, including the consolidated results of MAST Energy Developments Plc. Total revenues were £341,207 (2022: £1,036,743), while the operating loss was £5,518,089 (2022: £10,570,952 loss).
The main problem with this share is that it is extremely thinly traded or untraded, which precludes it for private investors. It is also in one of the riskiest areas of investment—energy exploration—and it is running at a loss. We see no benefit in buying this penny stock unless you are prepared to speculate.
