The company, which is an affiliated of Swala Energy Limited of Australia, listed on the Enterprise Growth Market (EGM) that is specifically intended for Small and Medium Enterprises (SMEs) and start-ups after a successful Initial Public Offer (IPO). It becomes the second company to list on the segment and the 20th to list on the DSE.
“Today’s listing on the EGM marks a new chapter for our company and another step forward in realizing our ambition to achieve a successful venture based on private and public partnership,” said Ernest Massawe, Swala Chairman.
He added the company is now ready to commence its 2014 seismic programme. The firm has one of the largest exploration acreage footprints in Tanzania totalling 17, 300 km2.
Swala listed 99 million shares after the IPO, which was oversubscribed by 140 per cent raised $4 million against a target of $2.8 million.
The listing was graced by Tanzania’s former President Ali Hassan Mwinyi who rang the bell to officiate the event, the traditional symbol signifying the opening of Swala’s first trading day.
“Listing on DSE comes with transparency, good corporate practices and proper disclosures. Swala has made the right decision to join the family of companies aiming at being open and transparent to their shareholders, the public and the world at large,” said Moremi Marwa, DSE CEO.
Source: Swala Oil and Gas Tanzania Plc