Nairobi, Kenya | – London-listed support services company Africa Oilfield Logistics plans to list its shares on Kenya’s Nairobi Securities Exchange, it said on Monday.
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. “Following completion of the dual listing, the company’s ordinary shares will be fully transferable between the AIM and GEMS markets,” it said in a statement. “Completion of the Kenyan Listing will make Africa Oilfield the first AIM listed company to join the Kenyan exchange and marks a further step in the company’s development as it looks to expand its existing support services business in East Africa.”
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 Nov. 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. The NSE has said in the past it planned to encourage more listings on the GEMS segment of the market, which at present has only one firm listed on it.