• Wednesday, May 22, 2024
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BusinessDay

Africa Oilfield Logistics to list on Nairobi Stock Exchange

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London-listed support services company Africa Oilfield Logistics plans to list its shares on Kenya’s Nairobi Securities Exchange.

The company, which is already listed on the London Stock Exchange’s Alternative Investment Market (AIM), will sell up to 10 percent of its enlarged share capital via the listing and a private placement in Kenya.

Africa Oilfield Logistics listing will be on the Nairobi exchange’s Growth Enterprise Market – which is aimed at small firms.

Africa Oilfield Logistics has a 49 percent shareholding in oilfields and logistics company Ardan Risk & Support Services, which operates in Kenya, Ethiopia and Mauritius.

Africa Oilfield Logistics did not say when the listing would take place, but its shareholders will meet on November 5 to make a decision on the plan.

East Africa has become an oil exploration hot spot after discoveries in Kenya and Uganda, and natural gas in Tanzania and Mozambique.