Interest through the Roof for Swala

Tuesday, July 29, 2014

Australia’s Swala Energy Tanzanian subsidiary, Swala Oil and Gas Tanzania plc, will appear on the Enterprise Growth Market (EGM) on the Dar es Salaam Stock Market after its Initial Public Offering (IPO) completion.

The IPO was oversubscribed, seeing the placement of 13.3 million shares with 1,869 new and existing shareholders. Company CEO Dr. David Ridge said the Capital Markets and Securities Authority (CMSA) allowed oversubscription through the application of a green-shoe option.

Swala’s IPO was the first of its kind in East Africa’s oil and gas industry.

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