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Atlas Development & Support Services to add Kenya listing

Last updated: 01:38 06 Nov 2014 AEDT, First published: 02:38 06 Nov 2014 AEDT

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Atlas Development & Support Services (LON:ADSS)  - formerly African Oilfield Logistics - confirmed it will list its shares in Kenya on the Nairobi Securities Exchange, under the Growth Enterprise Market Segment (GEMS).

"Our proposed dual listing in Kenya is central to our future strategy and commitment to building a substantial, sustainable and profitable company based in East Africa,” said chief executive Carl Esprey.

“We already employ more than 600 Kenyans across our current operations, and we are keen for this number to grow as we expand our service offering, geographic reach and client roster in the region.  

“Combining international expertise and accreditation with a strong Kenyan identity, highlighted by our upcoming listing on GEMS, is a key differentiator for Atlas Development, and we will continue to leverage our unique service offering to more major oil & gas companies across East Africa."

The second listing will be established via a private placing offered solely in Kenya, selling up to 10% of the enlarged share capital. The funding is expected to take place by the end of December.

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