, NAIROBI, Kenya, Dec 17 – London-listed Atlas Development and Support Services Limited (formerly known as Africa Oil-Fields Logistics Company), has on Wednesday listed its shares on the Nairobi Securities Exchange (NSE) Growth and Enterprise Market Segment.
This is the first dual listing between the London Stock Exchange and the NSE.
The firm offered 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.
The firm it has successfully raised Sh450 million (US$5 million) through a private placement to Kenyan investors after issuing 39 million shares offered solely in Kenya.
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.
“The strong interest from Kenyan investors is recognition of the opportunity to create a world class development and support services provider in Eastern Africa. We have demonstrated robust financial performance, world class service delivery and regional scale to position Atlas as the best way to gain exposure to this opportunity,” Esprey said.
Atlas recently commenced construction on a Sh180 million (US$2 million) planned investment to build a logistics hub in Lokichar, Turkana County.
This will help companies and government operate more effectively across the Turkana basin.
The company has invested Sh1.4 billion (US$ 15 million) in Kenya over the last 12 months and plans to invest over Sh4.5 billion (US$ 50 million) in Kenya over the next five years.
On his part, NSE Acting CEO Andrew Wachira said the listing further justifies Kenya’s stance that its financial market remains very attractive to both local and international investors.
“The cross-listing of Atlas is another major step towards our goal of ensuring that companies that have substantial operations in Africa are accessible to both Kenyan and international investors. This cross listing is historic for our exchange and it is directly in line with Vision 2030, which envisions that the growth in Kenya’s natural resources industries will also help grow our financial institutions,” Wachira added.
The shares started trading at Sh13.
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.