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Tuesday, June 10, 2014
Swala Oil and Gas (Tanzania) Plc launched its IPO prospectus for 9,600,000 ordinary shares. The company will be selling each share at the price of Tanzanian Shillings 500 from June 9 to July 4 on the Tanzania Stock Exchange.
The company received its official approval from the Tanzanian Capital Markets and Securities Authority (CMSA), making it the first such offering in the oil and gas industry in East Africa.
Swala’s CEO David Mestres Ridge said, “We are delighted that today Swala Oil and Gas Tanzania Plc is officially launching its IPO. This is a great step not only for Swala but also for Tanzania and its people. Investing in oil and gas shares is a means for economic diversification for any individual and it allows interested parties to own a stake in a fast growing business.”
Ridge further stated, “We are extremely grateful to the Government of Tanzania, TPDC and the CMSA for allowing us to become East Africa’s first public owned oil and gas company. On behalf of all Swala directors I would like to officially invite the public to invest in Swala Oil and Gas Plc.”
Abdullah Mwinyi, a director at Swala Oil and Gas Tanzania Plc added, “There has been a great debate on the need for local content in this booming oil and gas industry; we are delighted that today Swala would become the first oil and gas company to walk the talk. We strongly believe that Tanzanians should be given an opportunity to participate in the oil and gas business; this IPO opening allows them to do just that.”
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