(Alliance News) - Molecular Energies PLC on Monday announced the appointment of Christopher Raggett as chief executive officer of its subsidiary Green House Capital Group PLC, ahead of its spin-off later this year.

Molecular Energies, formerly known as President Energy PLC, is an Argentina and US-focused oil and gas production company. It has additional assets in Paraguay owns a 75% stake in the Lagos-based fintech investment group. Back in June, Molecular announced that it intends to "spin out" and start an initial public offering for Green House.

Until recently, Raggett served as the co-head of corporate finance at finnCap Group PLC and was appointed to the board of Energise Ltd in 2022.

Molecular Chair Peter Levine commented: "I have worked with Chris for many years now and have seen first-hand how his insightful, down-to-earth and pragmatic business sense and strong network in the energy industry can help companies to grow. I am delighted he has decided to embark on a new complementary career and become CEO of this exciting business. The capital markets experience and passion for business that Chris has will be invaluable as Green House Capital builds upon the momentum already established."

Raggett said: "I am extremely excited to be joining Green House Capital. There are vast opportunities in the green energy space and a distinct need for strategic vision and direction to help entrepreneurs affect change while maintaining financial discipline. I am looking forward to helping the excellent existing portfolio within Green House achieve its potential and to growing the business even further."

Shares in Molecular were down 5.6% at 100.55 pence each in London on Monday afternoon.

By Sabrina Penty, Alliance News reporter

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