Atlas Development and Support Solutions expects Kenyan listing by mid December
Oil and gas solutions services provider Atlas Development and Support Solutions has said it expects a dual listing on the Growth Enterprise Market Segment (‘GEMS’) of the Nairobi bourse by December 15th as it continues with the last stages of discussions with
According to the chief executive officer of the London Company Carl Esprey Atlas will allow Kenyans to take hold of some 40 million shares valued at $4 million with 393 million shares currently listed in London available for take up at the Nairobi Securities Exchange, NSE soon after.
This will be the first cross listed company between Nairobi and London as well as the only listed company involved in the upstream sector.
“By cross listing our companies in Kenya we believe that we can better mitigate political risks as the company will be Kenyan owned, we also believe that this can help us better benefit from local content initiatives,” Esprey told OilNews Kenya.
Once listed this will drive Kenyan shareholding to 18 percent with the investors of recently acquired Ardan Logistics Limited currently holding 8 percent.
Following the dual listing Esprey says the company will continue with its growth strategy that includes the acquisition of more companies within its field that already have revenue and business in the region.
By this the company can benefit from the reputation of the local businesses while at the same time provide the international expertise that gives it an edge over other players in the market.
Atlas Development and Support Solutions in October completed the acquisition Ardan Logistics Limited in what Esprey termed as a move to combine local presence with high quality, international standard necessary to transform the company to a market leader.
Atlas development that currently provides a wide range of services including logistics, catering, facilities management, medical services, risk management and training has also said it would consider getting in the seismic acquisition business.