Ciboney Group Transitioning to Energy Market Under New Owner

• Ciboney Group is undergoing a transformation that will see the former resort business being repositioned and renamed Innovative Energy Group Limited as it transitions into the energy sector.
• The renaming follows the takeover of Ciboney by the Wiltshire Group and is a prelude to the company tapping the financial market for at least US$20Mn in the first instance to execute capital-intensive energy-sector projects.
• It is still to be determined whether the new Innovative Energy Group will eventually take over the assets of the connected company Innovative Energy Company or it will become a subsidiary.
• A bid for the Jamaican government's latest 100MW renewable energy project is one of IEG's strategic ambitions. If successful, this could represent a $40Mn investment opportunity.
• The move signals IEG’s commitment to renewable energy and its readiness to play a significant role in the broader energy sector. Further, its strong track record demonstrates its clear intent to aggressively execute projects and significantly impact the alternative energy landscape in Jamaica and the Caribbean.
• Ciboney Group was formerly a major investor in the Ciboney Hotels and Villas in Ocho Rios, St. Ann. However, the financial meltdown in the 1990s saw Ciboney's properties being sold off by FINSAC, which was the majority shareholder in the distressed financial companies.

 (Source: BNN Breaking)