Swala Goes Public
DAR ES SALAAM, June 18, 2014 – In what represents the first case of an East African-owned oil company to go public, Swala Oil & Gas launched its initial public offer (IPO) this Monday, issuing 9,600,000 ordinary shares at a price per share of TZS500 ($0.3).
Affiliated to Australia-listed Swala Energy, Swala Oil had received the permission for the IPO one week earlier from the Tanzanian Capital Markets and Securities Authority. The move makes Swala the first exploration and production company on the Dar es Salaam Stock exchange.
Swala operates the Kilosa-Kilombero and Pangani licenses. On the 17,300-square-kilometre licences, the company has already identified five prospective basins.