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Africa Oilfield Logistics' shareholders approve Ardan acquisition


Africa Oilfield Logistics (LON:AOL) said its acquisition of Ardan Logistics Kenya was approved by shareholders today.

This means it will take full control of the firm, from 49% previously, in a transaction that is classed as a reverse takeover.

The registration of the firm's change of name - to Atlas Development & Support Services -  is also expected to take place shortly and a further announcement will be made, the company said.

Chief execuitive Carl Esprey told investors: "I am delighted that shareholders have supported our decision to acquire ALK. 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".

"A key element to our ongoing success will be our ability to maintain an East African identity.

"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."

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Market: AIM
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