13th Oct 2014 08:55
LONDON (Alliance News) - Africa Oilfield Logistics Ltd said it intends to dual list in Kenya on the Nairobi Securities Exchange, to help step up development and expand its existing support services business in East Africa.
The AIM-listed African-focussed support services and logistics company, said it will list on the Growth Enterprise Market Segment of the Nairobi Securities Exchange, in addition to its existing listing on AIM in London. It will privately place about 10% of its enlarged share capital in Kenya. It didn't say with whom the private placement will be.
"We expect that by taking this opportunity we will further align the company with the strong regional growth currently ongoing and demonstrate in a tangible way our commitment to operating in both Kenya and the East African region as a whole," said Chief Executive Carl Esprey in a statement.
The company said any funds raised in the proposed placing in Kenya will be applied towards its growth initiatives. It said its current financing requirements are "well covered" following a successful GBP7 million financing completed in earlier this year.
It said it had cash resources of approximately GBP5.4 million as at September 23.
"Through our primary investment into Ardan Risk & Support Services...we have already built a strong presence within the support services and logistics sector, and are currently working for a number of international companies operating in the East African region," said Esprey.
Africa Oilfield Logistics shares were untraded Monday morning at 9.25 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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