Latest news with #MGE
IOL News
09-07-2025
- Business
- IOL News
Renergen disputes MGE's exercise of put option
Renergen has issued a statement in response to Mahlako Gas Energy's (MGE) notice regarding its purported exercise of the Put Option related to its investment in Renergen's subsidiary, Tetra4. Image: Supplied Renergen has issued a statement in response to Mahlako Gas Energy's (MGE) notice regarding its purported exercise of the Put Option related to its investment in Renergen's subsidiary, Tetra4. Tetra4 holds South Africa's first and only onshore petroleum production right issued by the Department of Mineral Resources and Energy. As previously announced on December 27, 2023, Renergen entered into a transaction agreement with MGE for an investment in Tetra4 through a sale, subscription, and shareholders agreement, which was initially classified as a category 2 transaction in terms of the JSE Listings Requirements. However, MGE has now notified Renergen of its intention to exercise the Put Option, which it claims has been triggered by a so-called "Put Option Event." A put option is a contract that gives the buyer the right, but not the obligation, to sell an underlying asset (like a stock) at a specific price. Renergen said, "Renergen categorically disputes that the Put Option has been lawfully or validly exercised and that it has consequently given rise to the aforementioned share transaction. Further to this, and resulting from the invalidity of the exercise of the Put Option, Renergen also disputes that the Option Transaction Agreement has validly come into existence and will be challenging same." Renergen further said that MGE's actions, which the Company believes are premature and unsupported by the terms of the agreement, lack legal merit. Renergen has stated that the dispute will be resolved via the dispute resolution mechanisms outlined in the Transaction Agreement, although the process may take time. Renergen said it is confident that the matter will be settled according to the prescribed procedures and has assured shareholders that its core business operations and strategic direction remain unaffected by this ongoing dispute. The company will continue to focus on the development of the Tetra4 project and will keep shareholders informed of any material developments requiring further disclosure. BUSINESS REPORT
IOL News
09-07-2025
- Business
- IOL News
Renergen disputes MGE's exercise of put option
Renergen has issued a statement in response to Mahlako Gas Energy's (MGE) notice regarding its purported exercise of the Put Option related to its investment in Renergen's subsidiary, Tetra4. Image: Supplied Renergen has issued a statement in response to Mahlako Gas Energy's (MGE) notice regarding its purported exercise of the Put Option related to its investment in Renergen's subsidiary, Tetra4. Tetra4 holds South Africa's first and only onshore petroleum production right issued by the Department of Mineral Resources and Energy. As previously announced on December 27, 2023, Renergen entered into a transaction agreement with MGE for an investment in Tetra4 through a sale, subscription, and shareholders agreement, which was initially classified as a category 2 transaction in terms of the JSE Listings Requirements. However, MGE has now notified Renergen of its intention to exercise the Put Option, which it claims has been triggered by a so-called "Put Option Event." A put option is a contract that gives the buyer the right, but not the obligation, to sell an underlying asset (like a stock) at a specific price. Renergen said, "Renergen categorically disputes that the Put Option has been lawfully or validly exercised and that it has consequently given rise to the aforementioned share transaction. Further to this, and resulting from the invalidity of the exercise of the Put Option, Renergen also disputes that the Option Transaction Agreement has validly come into existence and will be challenging same." Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Renergen further said that MGE's actions, which the Company believes are premature and unsupported by the terms of the agreement, lack legal merit. Renergen has stated that the dispute will be resolved via the dispute resolution mechanisms outlined in the Transaction Agreement, although the process may take time. Renergen said it is confident that the matter will be settled according to the prescribed procedures and has assured shareholders that its core business operations and strategic direction remain unaffected by this ongoing dispute. The company will continue to focus on the development of the Tetra4 project and will keep shareholders informed of any material developments requiring further disclosure. BUSINESS REPORT
Morocco World
30-06-2025
- Business
- Morocco World
Inwi Strengthens Its Commitment to Moroccan Gaming at the 2025 Expo
Fez– At this year's Morocco Gaming Expo, Inwi has once again made it clear: gaming in Morocco is not a passing trend, but a fast-growing sector with real potential, and Inwi intends to help shape its future. As a leading force in Morocco's digital transformation, Inwi returned for the second edition of the Morocco Gaming Expo (MGE), affirming its long-term commitment to the national gaming ecosystem. More than just a presence at the event, Inwi came with an entire showcase of high-performance connectivity and hosting solutions, specifically designed to meet the demanding standards of gamers and developers. Gaming is no longer a niche hobby, it's an economic and creative engine. And Inwi seems to understand this better than most. By leveraging its technological know-how, the company has built infrastructure that supports both seasoned professionals and young talents, making high-level tools and platforms more accessible across the country. A highlight of Inwi's participation was the unveiling of the winners of the 'Innovative Mobile Game Ideas' competition. Organized in partnership with the Ministry of Youth, Culture and Communication and the Ministry of Higher Education, this initiative targeted students from Moroccan universities and higher education institutions. Launched on May 19, 2025, the contest aimed to spark creative thinking and encourage entrepreneurial spirit among a new generation of Moroccan game developers. The three winning projects were announced during the expo, proof that talent is alive and well across the country, and that innovation is a skill that can be nurtured with the right support. The Morocco Gaming Expo itself has quickly become the country's flagship gaming event. After attracting over 41,000 visitors in its inaugural edition, this year's event solidified its reputation as a national hub for developers, publishers, content creators, investors, and institutions. It's not just a trade show, it's a meeting ground for ideas, ambitions, and strategies to shape the Moroccan gaming industry. Inwi's renewed involvement in the MGE sends a strong message. The company is not simply sponsoring the sector, it's investing in it. From enhancing infrastructure to nurturing creativity, Inwi is positioning gaming as a vehicle for economic growth, technological innovation, and digital inclusion. This is not about riding a wave of popularity; it's about building a sustainable and competitive ecosystem that can thrive beyond borders. Gaming in Morocco is becoming a career path, a platform for expression, and a field where young Moroccans can compete on a global stage. With Inwi's backing, the sector is no longer just growing; it's gaining structure, support, and long-term vision.
Observer
25-06-2025
- Business
- Observer
Dhofar SportLab boosts sports tourism and community fitness
Sports enthusiasts in Dhofar celebrated a significant milestone with the grand opening of the Dhofar SportLab, marked by an energetic 20 km cycling race that drew cyclists from across Salalah. The event fostered a festive atmosphere and concluded with a recognition ceremony honouring all participants. Founded by Mohammed al Obaidani, CEO of Middle East Global Events (MGE), the Dhofar SportLab is envisioned as a hub for sports innovation and community engagement in Dhofar Governorate. A passionate athlete himself, Al Obaidani described the initiative as a key component of MGE's mission to position Dhofar as a premier destination for sports tourism and grassroots talent development. 'This isn't just a facility — it's a movement, we aim to nurture the next generation of athletes and active citizens, from toddlers to seniors, while showcasing Dhofar's potential to global sports tourists.' Al Obaidani said. Located in Sahalnout, Salalah, the SportLab is a first-of-its-kind multi-functional sports space in the Dhofar Governorate. It serves as a training and activation center for cycling and endurance sports, a retail outlet for bicycles and gear and a vibrant community hub offering kids' programmes, weekend runs, and fitness workshops. The launch event attracted amateur cyclists, local cycling groups, and sports enthusiasts, reflecting the growing interest in endurance sports in the region. MGE, active in Dhofar's sports ecosystem since 2013, continues to empower local youth through organised sporting events. With its natural landscapes, youthful population, and rising enthusiasm for outdoor activities, Salalah offers the ideal backdrop for a long-term initiative like the Dhofar SportLab. The facility now stands as a symbol of community health, sports innovation, and Dhofar's growing role on Oman's fitness and tourism map.
Business Wire
07-05-2025
- Business
- Business Wire
MGE Energy Reports First-Quarter 2025 Earnings
MADISON, Wis.--(BUSINESS WIRE)--MGE Energy, Inc. (Nasdaq: MGEE), today reported financial results for the first quarter of 2025. MGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the first quarter of 2025 were $41.6 million, or $1.14 per share, compared to $33.8 million, or $0.93 per share, for the same period in the prior year. Rate base investment growth and weather impacts drove our first-quarter results. MGE continues to invest in new, cost-effective renewable generation, which is helping to fuel the company's asset growth. An increase in electric investments included in rate base contributed to increased electric earnings for 2025. Darien solar project in Rock and Walworth counties became operational in March 2025, serving MGE electric customers with cost-effective, carbon-free energy. MGE owns 25 MW of solar capacity from the Darien Solar Project. Gas retail sales saw a significant increase of 19% in the first quarter of 2025, while electric retail sales rose by 3%. These changes occurred against a backdrop of relatively normal weather in the first quarter of 2025, compared to the milder conditions observed in the first quarter of 2024. About MGE Energy MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 167,000 customers in Dane County, Wis., and purchases and distributes natural gas to 178,000 customers in seven south-central and western Wisconsin counties. MGE's roots in the Madison area date back more than 150 years. Forward-looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements are based on MGE Energy's current expectations, estimates and assumptions regarding future events, which are inherently uncertain. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to revise or update publicly any such forward-looking statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, please refer to the "Risk Factors" sections in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission.
