The first public owned Oil and Gas Company in East Africa
DAR ES SALAAM, Tanzania, August 12, 2014/ -- Swala Oil & Gas (Tanzania) Plc ("Swala" or "the Company") today listed on the Dar es Salaam Stock Exchange ("DSE") becoming the first public owned Oil and Gas Company in East Africa. The company is the 20th to list on the DSE and the 2nd to list under the Enterprise Growth Market ("EGM"), an equity market specifically intended for Small and Medium Enterprises (SMEs) and start-ups.
The company listed on the EGM with 99 million shares after a very successful Initial Public Offer 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.
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