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Africa Oilfield Logistics to become the first AIM-quoted group to list in Kenya

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Africa Oilfield Logistics (LON:AOL) said it will list its stock in Kenya.

Up to 10% of its equity will be offered via an introduction and private placing of shares to be traded on the growth enterprise market segment of the Nairobi Securities Exchange.

In doing so this AOL will be the first AIM-listed group to join the Kenyan bourse.

Chief executive Carl Esprey said: “We expect that by taking this opportunity we will further align the company with the strong regional growth currently ongoing and demonstrate in a tangible way our commitment to operating in both Kenya and the East African region as a whole.”

AOL has its headquarters in Nairobi, with other local offices, and has a workforce of around 900, of which less than 5% are expats.

Last month the group, which is well funded with £5.4mln in the bank, said it is taking full control of its main business Ardan Logistics.

Since acquiring its 49% interest, AOL has recapitalised and restructured Ardan, making it more efficient and scalable, and has expanded the service offering.

The opportunity on the company’s doorstep is huge. In Kenya and Uganda almost US$21bn will be needed to develop their respective oil industries. The big finds onshore in the former suggests the transformation could be very rapid.

Quick facts: Africa Oilfield Logistics

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AIM:AOL
Market: AIM
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