Petroleum Africa
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Tuesday, July 31, 2018
The industry should expect to see news from Swala Oil & Gas (Tanzania) in the near future. The company had its securities placed in Trading, pending the release of an announcement in relation to a third-party equity investment.
Unless DSE decides otherwise, the securities will remain in a Trading Halt until the earlier of commencement of normal trading on August 6 or when the announcement is released to the market. The company’s shares remain listed on the Dar es Salaam Stock Exchange with ticker symbol SWALA.
Discussions with the prospective investor remain at an early stage and there is no certainty that a transaction will be completed. As announced earlier this year, Swala successfully raised a gross $25 million from US institutions under an early bird 144A USD bond offering and has submitted a planned corporate bond issue on the Stock Exchange of Mauritius for $50 million, with Greenshoe rights. The company intends to formally launch this bond once regulatory approval is received.
Exotix Capital is advisor to the company and Global Coordinator on the corporate bond.
Funds raised from the proposed share issuance and corporate bond will be used to complete the acquisition of up to a further 32.07% of the shares of PanAfrican Energy Corporation pursuant to the company’s announcement of the January 2, 2018.
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