Atlas Development CEO Carl Espery. The NSE listed UK oil logistics firm
is diversifying into manufacturing to mitigate low crude oil prices.
PHOTO | FILE
By BD REPORTER
NSE listed UK oil logistics firm
Atlas Development and Support Services is diversifying into
manufacturing to mitigate low crude oil prices.
“As part of the Company’s first
project within the industrial division, Atlas has signed an acquisition
agreement to acquire East Africa Packaging Holdings Limited (‘EAPH’),”
the company said in a statement on Reuters website.
EAPH is a company established to build a new glass bottle manufacturing facility 45 kilometres north of Addis Ababa, Ethiopia.
“Recent months have been highly
volatile and difficult for our business, particularly in Kenya. We
appreciate our shareholders’ patience as we combat the down-turn in the
oil and gas services sector and focus on more profitable sectors,” the
firm said.
The firm sunk deeper into losses
after it recorded a loss of $9.6 million (Sh1 billion) for the full-year
ended June compared to $1.4 million (about Sh150 million) posted
during the same period last year.
It said the loss was as a result
of reduced exploration activity and a depreciating shilling, which had
adverse effects on its profit.
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