AIM listed African focussed support services and logistics company Africa Oilfield Logistics Ltd has announced the acquisition of the entire issued share capital of Ardan Logistics Kenya Limited following shareholder approval being obtained in respect of all the resolutions proposed at the Company’s general meeting held earlier today.
According to Africa Oilfield CEO Carl Esprey the acquisition gives the company a regional footprint from where it can expand its services.
“We now have in place the operational, regional and corporate experience and expertise to rapidly expand our service lines across a broad geographic area, and to bring our turn-key support services to clients operating within the booming East African exploration and development industries, under our new branding of “Atlas Development & Support Services,” He says.
Esprey adds that the success of the company will be based on its ability to maintain an East African identity while offering its high quality standards of services.
“Combining this local presence with high quality, international standard services is of fundamental importance to us, and we are committed to this as we seek to grow Atlas Development & Support Services into an industry leader.”
Africa Oilfield Logistics was first granted the option to acquire Ardan Logistics Kenya in March following the signing of a framework and option agreement pursuant to which:
Overseen by Africa Oilfield, Ardan Risk & Support Services would undertake a corporate and contractual restructuring programme to rationalize operational management and implementation, planning and reporting; and a 3-year conditional call option which provides the right, but not the obligation, to acquire 100% of Ardan Logistics Kenya , a separate and new ‘shell’ company from which the restructured business of Ardan will be operated.
Later in September Africa Oilfield Logistics Ltd announced that the Board has decided to exercise the call option granted to it pursuant to the framework and option agreement announced on 28 March 2014 to acquire the entire issued share capital of Ardan Logistics Kenya Limited.