Ciboney Group Limited Finalises Name Change

• In line with shareholder approval received on December 6, 2023, Ciboney Group Limited has changed its name to Innovative Energy Group Limited. The Company will trade under the new listing/trading symbol ENERGY.

• 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.

• 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 the Financial Sector Adjustment Company (FINSAC), which was the majority shareholder in the distressed financial companies.

(Sources: JSE and NCBCM Research)