LONDON (Alliance News) - Africa-focused support services and logistics company Atlas Development & Support Services Ltd on Tuesday said it has created a joint venture in Ethiopia with Orchid Business Group PLC, an Ethiopia-based infrastructure, construction and logistics company.
The joint venture will be equally owned by both companies and will provide services to clients in the natural resources and infrastructure sectors.
"Orchid is a major player in the Ethiopian support services market and this partnership will provide a fantastic foundation to increase our activity levels in country. Ethiopia holds significant potential, being one of the fastest growing African economies, so we are excited about the opportunity to build on our expertise in the development, extractive and infrastructure sectors to achieve scalable growth," said Atlas Chief Executive Carl Esprey.
Atlas shares were up 5.3% to 0.842 pence on Tuesday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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