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Atlas Development Shares Gain on Progress at Ethiopian Bottling Plant

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Atlas Development & Support Services Ltd on Thursday  said it has continued to make progress on its Ethiopian bottling plant project, sending its shares higher in early trade.

The company said it has secured a land lease certificate and construction license covering the Chancho site in Ethiopia where the plant will be built. The land lease has been granted for 100 years, with the first 45 years paid by the company in advance.

Atlas Development said the site is close to established infrastructure and intended mine sites for the materials needed to make high-quality bottles.

“The grant of our land lease and construction license at our Chancho project marks a landmark moment in the development of this state-of-the-art bottling facility, which will cement our diversification into the highly prospective industrial space,” said Chief Executive Carl Esprey.

Atlas Development shares were up 15% to 0.430 pence early Thursday, one of the best performers in the AIM All-Share.