Africa-focused services firm Africa Oilfield Logistics has conditionally raised $12million to grow its investment arm.
The figure before expenses, raised via the issue of company shares, will primarily fund the operations within Ardan Risk & Support Services, including expanding the civil engineering team for $3.5million and setting up a new logistics operation in Djibouti for $1.5million.
The company is also looking to invest $2.5million in the construction of a logistics hub in Kenya to centralise field operations.
“With this cash injection of $12 million, we will be well capitalised to implement our growth strategy and build on our support services platform in Africa, which already boasts an international client list,” said Carl Esprey, chief executive of Africa Oilfield.
“We have made excellent progress on the ground in structuring our investments to deliver the support services and logistics required by operators in the region.
“The recent revenue figures from Ardan underscore our successes and highlight the opportunity available to us, something that has been recognised both by new and existing shareholders and reflected in the appetite for the fundraising.”
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