LONDON (Alliance News) - Atlas Development & Support Services Ltd on Thursday said it has created an industrial division and made a new acquisition in Ethiopia, though trading in its markets remains very challenging.
The group said it has formed an industrial arm to take advantage of new industrial projects in its key markets. As part of the first actions of the new business, the group has signed a deal to acquire East Africa Packaging Holdings Ltd, an Ethiopia-based company created to establish a glass bottle manufacturing facility north of Addis Ababa. No financial details on the acquisition were provided.
The company also delivered a short trading update and said trading in its core services division remains very challenging, with revenue for 2015 expected to be around USD15.0 million, approximately flat year-on-year.
Shares in Atlas were up 4.0% to 0.598 pence on Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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