Durrant Pate/Contributor

Ciboney Group, which has been dormant for more than 20 years, is now being moved out of dormancy under its new name IEC Energy Company.

This has come about as a result of Ciboney’s acquisition last year by IEC Energy Company DBA SPECI Limited, based in St Lucia, resulting in the company undergoing a name change over a month ago to IEC Energy Company. During the third quarter ended February 29, the company incurred a loss of J$4.42 million, compared to a loss of J$0.57million in the corresponding quarter of 2023.

These losses are mainly attributable to ongoing steps being taken to move Ciboney out of dormancy consequent on the acquisition of the majority of its shares by IEC. Chairman Nigel Davy and director, Donald Patterson, report that “costs incurred during this quarter related primarily to expenditures on the website, public relations and corporate governance activities which were financed by advances from a related party, Innovative Energy Company DBA IEC SPEI Limited”.

They say the name change marks the commencement of a new era for the company, noting that “IEG has a distinguished array of professionals on the board, each bringing a wealth of experience and expertise across a diverse spectrum of industries and disciplines. Their collective knowledge spans finance, energy, marketing and administration positioning our company at the forefront of innovation in the energy sector”.

They say the experience and expertise in management of operations, audit, risk, finance and corporate governance demonstrates IEG’s focus on excellence, integrity, and sustainable development.

The directors disclosed that the business will be focused on clean, reliable and sustainable renewable energy, arguing that the company “will be doing our part to save the environment and we want to also contribute to the community in which we operate and serve. We are thankful for the support of our management, staff and shareholders and we look forward to a bright future as the innovative energy group”.