Swala Oil and Gas (Tanzania) Plc 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 Tanzanian Shillings 500 from June 9th 2014 to 4th July 2014. This announcement comes a week after the company received its official approval from the Tanzanian Capital Markets and Securities Authority ('CMSA'), making it the first of such offering in the Oil and Gas industry in East Africa.
Swala's CEO David Mestres Ridge said, 'We are delighted that today Swala Oil and Gas Tanzania Plc is officially launching 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 a means for economic diversification for any individual and it allows interested parties to own a stake in a fast growing business'.