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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 tapping the financial market for at least US$20 million 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 connected company Innovative Energy Company or it will be come a subsidiary.
Ciboney shareholders also approved the maximum number of shares that the company is authorised to issue from 5 46 million ordinary shares to an unlimited number.
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