Africa Alliance Asset Management acquires more ownership of Atlas Development

Investment banking group African Alliance Asset Management is interested in buying over 26.6 million shares of the Kenyan headquartered African focussed support services and logistics company Atlas Development according to a statement from Atlas CEO Carl Esprey.

Africa Alliance already has 4.2 million shares in Atlas Development and the acquisition of 5.47 percent of the issued share capital and voting rights of the Company would give it more control of the only listed company in the Nairobi Bourse serving the nascent oil and gas in the region.

Africa Alliance which was voted the best research house last year by EuroMoney Africa research Survey has skills and experience in the sector through its involvement in energy and minerals as well as Asset management

The 5.47 percent  ownership makes Africa Alliance the fifth largest shareholder after US Global Investors Fund with 15.59 percent, Beyond Africa Fund Limited with 13.66 percent, Michael Pelham with 7.62 percent and Green Cay Asset Management with 5.69 percent.

Other shareholders holding more than 3 percent include Sustainable Capital Ltd 4.82 percent and JM Finn & Co Limited with 3.99.

Africa Alliance currently has assets under management of US$ 1 billion (as at 30 June 2011) with its clients including governments, parastatals, pension and endowment funds, corporate institutions and non-government organizations.

The business with its offices in South Africa  offers its products in Botswana, Kenya, Uganda and Lesotho.

Atlas Support has its headquarters in Nairobi but is also active in numerous other jurisdictions including Tanzania, Mozambique, South Sudan, Uganda, Somaliland, Madagascar and more recently Western Sahara.

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