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Wednesday, 11 June 2014

SWALA OIL AND GAS EXPLORATION FIRM GOES PUBLIC IN TANZANIA

SWALA Oil and Gas (Tanzania) Director, Mr. Abdullah Mwinyi (centre), addresses a news conference at the launch of an Initial Public Offer (IPO) for 9.6 million ordinary shares effectively from 9th June 2014 to 4th July 2014 in Dar es Salaam. Right is the company CEO, Mr. David Mestres Ridge and the Director of Arch Financial & Investment Advisory Limited, Mr. Iyen Nsemwa.  

Just a week after the company received its official approval from the Tanzanian Capital Markets and Securities Authority (CMSA), Swala Oil and Gas (Tanzania) Plc on Monday announced the launch of its Initial Public Offer Prospectus (IPO) of 9,600,000 ordinary shares.
The company will be selling each share at the price of Tshs 500 from June 9th 2014 to 4th July 2014.
“We are delighted that Swala Oil and Gas Tanzania Plc, has officially launched 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 the means for economic diversification for any individual and it allows interested parties to own a stake in a fast growing business,” Swala’s CEO David Mestres Ridge said.
“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,” Mr. Ridge further stated.
Application forms and copies of the prospectus will be available online at Nihisa.com, at the offices of all Licensed Dealing Members (LDM) of the Dar Es Salaam Stock Exchange (DSE), branches of CRDB Bank Plc and offices of Arch Financial & Investment Advisory Ltd. The offer is open from 09th June 2014 to 04th July 2014.
There is currently no maximum subscription limit, but a minimum subscription of 100 shares per person is required. Electronic prospectus can be found on the company website http://www.swala-energy.co.tz or http://www.nihisa.com.
“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,” Abdullah Mwinyi, Director at Swala Oil and Gas Tanzania Plc said.

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