DAR ES SALAAM, Tanzania, August 12, 2014/ -- Swala Oil & Gas (Tanzania) Plc (“Swala” or “the Company”) (http://www.swala-energy.co.tz
(His
Excellency the former president of the United Republic of Tanzania,
Alhaji Ali Hassan Mwinyi, rings the bell officiating the first trading
day of Swala Oil & Gas Tanzania Plc on the Dar es Salaam Stock
Exchange (DSE). With him Swala CEO, Mr. David Mestres Ridge (L) and
Swala Chairman, Mr. Ernest Massawe (R)
The
company listed on the EGM with 99 million shares after a very
successful Initial Public Offer (“IPO”) which raised 6,650,000,000
Billion TZS. This IPO was oversubscribed by nearly 4 million shares and
has raised nearly 2 billion TZS more than the maximum subscription of
4.8 billion TZS.
The
momentous event took place at the DSE offices and was graced by His
Excellency the former President of the United Republic of Tanzania, Ali
Hassan Mwinyi who rang the bell at 10:30 am EAT to officiate the event,
the traditional symbol signifying the opening of Swala’s first trading
day.
Former
president Mwinyi asserted that Swala’s oversubscription shows a great
investment appetite amongst Tanzanians in investing in their country’s
economy and a growing confidence in the national Stock Exchange.
Mr.
Moremi Marwa, CEO of the DSE remarked, “In October of 2013, the DSE
introduced the EGM segment at the Exchange whose main objective is to
enable Small and Medium Sized business access to the capital market.
Swala is the second company to list on EGM within a year of its
launching. 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”.
Chairman
of Swala, Mr. Ernest Massawe further added, “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. We wish to extend our thanks to all those who
have made this possible: the regulators, our advisors and, most
importantly, our new investors. The company is now ready to commence its
2014 seismic programme and we look forward to fruitful results. I am
confident that Swala, as a public company, will be able to capitalize on
its achievements to date and continue to deliver for all its
stakeholders”.