AFRICA Oilfield Logistics revealed yesterday that it intended to list on the Growth Enterprise Market Segment (Gems) of the Nairobi Securities Exchange, the first time an Aim-listed company had joined the Kenyan exchange.
The firm plans to make a private placement of up to 10 per cent of its share capital, and said that any funds raised by the placing would be applied towards “growth initiatives”.
The company is due to hold a general meeting on 5 November to gain shareholder approval for its resolution to give directors authority to issue new shares.
Following completion of the dual-listing, the company’s shares will be fully transferrable between the Aim and Gems markets.
Carl Esprey, chief executive of Africa Oilfield, said: “Our proposed dual-listing on the Nairobi Securities Exchange is a further exciting step forwards, and one which will establish the company as a pioneer in this area.”