Shumba Energy plans to have fully relocated to Botswana by November this year.
In a circular to its shareholders last Friday the energy development company released a timeline for its redomicilation.
Shumba is moving its Corporate offices to Botswana to expedite the commercialisation of its project.
In a statement last month company directors announced that the business which has been domicile in Mauritius will be moving to Botswana and intends to list on Botswana Stock Exchange Democratic main board.
Shumba was established over 10 years ago and its asset base has grown substantially and has advanced its projects closer to being ready for production.
Alan M. Clegg, Co-Founder and Chairman of Shumba Energy said a month ago in a statement, that although the company has raised a reasonable amount of capital on the BSE Foreign Venture Board, the move to the Domestic Main Board will allow the company to raise the capital required to get assets in production and also attract a larger number of investors.
Clegg says reorganization will also allow Shumba Energy (Botswana), that owns the operational and resource assets of the Group, to achieve significant savings in overhead costs and administrative efficiencies through reduced overhead costs in maintaining the Mauritius domiciled corporate entities and the compliance and reporting requirements associated with this legacy corporate structure that is no longer providing value to Shareholders.
These savings according to the statement are estimated to be USD500 000(over P5 million) per annum which are considerable and important particularly in this period with the impact of COVID-19 on the business
Shumba is developing a portfolio of Projects servicing energy poor Southern Africa with emphasis on those with the least energy access.
For Shumba “Powering the Future” means addressing chronic power shortages head-on and supplying energy to affected southern African countries in a sustainable and cost-effective manner. The Company’s main activity areas include renewable energy, fuels, trading and mining