Troubled Atlas cancels London bourse listing, seeks buyer for Addis plant
Atlas Development & Support Services chief executive Carl Esprey. FILE PHOTO | SALATON NJAU
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The firm also announced it is hunting for a buyer for its Ethiopia bottle manufacturing plant which was frustrated by a Sh240 million tax dispute with Addis Ababa.
Troubled Atlas African Industries today cancelled its listing on the London Stock Exchange after failing to hire a corporate adviser, but says it will continue trading on the Nairobi bourse.
The loss-making logistics firm, also listed on the Nairobi Securities Exchange (NSE), suspended trading on October 17 following the resignation of its nominated adviser Stifel Nicolaus Europe Ltd.
Atlas listed on Nairobi’s growth and enterprise market segment in December 2014.
“The company's shares to trading on Alternative Investment Market has been cancelled with effect from 7.00 am on 18 November 2016, in accordance with the AIM Rules,” Atlas said in a regulatory filing Friday.
“The company continues to maintain its Kenyan listing on GEMS,” the firm said.
Atlas’ advisor in Kenya is I&M Burbidge Capital.
London’s listing rules require all companies in the alternative investment market segment to maintain a corporate advisor to guide the company to meet all listing requirements.
Atlas also announced it is hunting for a buyer for its Ethiopia bottle manufacturing plant which was frustrated by a Sh240 million ($2.4 million) tax dispute with Addis Ababa.
