Tribe Technology: Newtownabbey firm to list shares on stock exchange

Tribe Technology designs and builds autonomous drill rigs for the mining industry.

Tribe Technology, a Newtownabbey-based manufacturing firm, has announced its intention to list its shares on the London stock exchange.

A stock market listing means a company makes its shares available for purchase as a way of raising new capital.

Tribe said it intends to raise £4.5m, most of which will be used for working capital.

The firm designs and builds autonomous drill rigs for the mining industry.

It is relatively rare for Northern Ireland businesses to list on the stock exchange - the two biggest listed businesses in Northern Ireland are the IT firms Kainos and FD Technologies.

Tribe will list on the AIM, a sub-market of the London Stock Exchange for small and medium firms.

Charlie King, chief executive of Tribe Tech, said: 'We are working towards completing our first autonomously-operated drill rig later this year.

"We believe now is the right time to bring our story to the public market and that London, with its international investor base, and a strong knowledge of the mining industry, is the right place to start this journey, especially given our production facilities in Northern Ireland.

"Admission to AIM will also give us additional visibility and transparency, as well as the resources we need to fund our growth and technology and business development."