31st Mar 2014 10:46
LONDON (Alliance News) - Africa Oilfield Logistics Monday said its pretax loss widened in its first-half as the company developed and its operating expenses increased.
The investment company, focused on logistics and support for the commodities industry in sub-Saharan Africa which listed in London in June, said its pretax loss widened to USD638,000 for the six months ended December 31, 2013 from USD155,000 for its first six months ended June 30, 2013.
The company said its operating expenses increased to USD650,000 from USD155,000 after the company made its first investment, a 49% interest in Ardan Risk & Support Services during August.
African Oilfield said on Friday that it has entered into a framework and option agreement to restructure Ardan Risk & Support Services and acquire Ardan Logistics Kenya Ltd.
The company said at the time that Ardan Risk & Support Services is undertaking a corporate and contractual restructuring programme to rationalise operational management and implementation, planning and reporting, which is being overseen by Africa Oilfield.
African Oilfield also said it has been granted a three-year conditional call option which provides the right, but not the obligation, for it to acquire 100% of Ardan Logistics Kenya Ltd, a separate and new shell company from which the restructured business of Ardan will be operated.
The company said on Monday that it is continuing with its plan to rapidly develop its business as quality projects with international blue chip clients are both underway and in the pipeline.
African Oilfield shares were untraded Monday at 9.00 pence.
By Tom McIvor; [email protected]; @TomMcIvor1
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