London listed oil firm eyes Nairobi bourse

November 26, 2014
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The firm will be offering 10 percent  of its 393.9 million total issued shares for cross listing on the NSE with price per share set at Sh11.50 with a minimum subscription of  Sh1 million per investor/file
The firm will be offering 10 percent of its 393.9 million total issued shares for cross listing on the NSE with price per share set at Sh11.50 with a minimum subscription of Sh1 million per investor/file
NAIROBI, Kenya, Nov 26 – London-listed Atlas Development and Support Services Limited (formerly known as Africa Oil-fields Logistics Company) is set to list on the Nairobi Securities Exchange’s (NSE) Growth and Enterprise Market Segment (GEMS) through private placement.

The firm will be offering 10 percent of its 393.9 million total issued shares for cross listing on the NSE with price per share set at Sh11.50 with a minimum subscription of Sh1 million per investor.

Allocations in the placing will be made on December 9 – subject to change at company’s discretion, with commencement of trading set on December 17 subject to regulatory approval.

Proceeds from the placement will go into providing Atlas with additional capital.

The company deals with oil and gas logistics offering services such as risk management consulting, civil engineering, provision of remote workforce accommodation, facilities management, turn-key medical support as well as transport and storage.

Atlas Development Chief Executive Officer Carl Esprey said the funds raised and the additional exposure received with the listing will enhance the ability to expand current service offering and penetrate new exciting markets within Kenya and across the East African region.

“Kenya is a core pillar of the business of Atlas Development and I am delighted that the Kenyan placing will further align the Company with our key in-country stakeholders, as we target increasing revenues and improving the Company’s financial performance in 2015 and beyond,” Esprey said.

He said the Kenyan listing is intended to provide exposure for Kenyan investors to the rapidly growing oil and gas and natural resource services industry in East Africa through Atlas Development and to deliver additional expansion capital for the Company.

The firm will be the fourth counter to list on the NSE’s GEMS.

In September, the firm bought out its subsidiary, Ardan Logistics Kenya Limited, where it previously had 49 percent stake.

Ardan deals in engineering works, fuel solutions, storage and transportation, medical and facilities management for multiple sectors including oil and gas, mining and construction.

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