Tanzania’s Swala Launches First East African IPO

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VENTURES AFRICA – Swala Oil and Gas (Tanzania), has announced the launch of its initial public offer (IPO) prospectus of 9,600,000 ordinary shares, which would be sold at Tanzanian Sh500 each ($0.3).
“We are delighted that today Swala Oil and Gas Tanzania Plc., is officially launching its IPO which is a great step not only for Swala but also for Tanzania and its people,” said David Mestres Ridge, Swala’s CEO.
This listing makes Swala the first locally-owned oil and gas company to go public within East Africa, and comes a week after the company received its official approval from the Tanzanian Capital Markets and Securities Authority (CMSA).
The IPO will give Tanzanians the opportunity to participate in the Oil and Gas business for the first time, echoed Abdullah Mwinyi, a Director at Swala Oil and Gas Tanzania.
Swala Oil and Gas is an affiliated company to Swala Energy Limited, a company listed on the Australian Stock Exchange (ASX) with ticker “SWE”. Swala holds assets in the East African Rift System with a total net land package in excess of 17,500km²