Swala O&G Launches IPO Prospectus

By Michelle Howard
Monday, June 09, 2014
Swala’s CEO David Mestres Ridge

East Africa’s first public owned Oil and Gas Company

Swala Oil and Gas (Tanzania) Plc  has 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”.

Mr Ridge further stated, “We are extremely grateful to the Government of Tanzania, TPDC and the CMSA for allowing us to become East Africa’s first public owned Oil and Gas Company. On behalf of all Swala directors I would like to officially invite the public to invest in Swala Oil and Gas Plc”.

Hon. Abdullah Mwinyi, a Director at Swala Oil and Gas Tanzania Plc added, “There has been a great debate on the need for local content in this booming oil and gas industry; we are delighted that today  Swala would become the first oil and gas company to walk the talk. We strongly believe that Tanzanians should be given an opportunity to participate in the oil and gas business; this IPO opening allows them to do just that".

Application forms and copies of the prospectus will be available online at Nihisa.com, at the offices of all Licensed Dealing Members (LDM) of the Dar Es Salaam Stock Exchange (DSE), branches of CRDB Bank Plc and offices of Arch Financial & Investment Advisory Ltd. The offer is open from 09th June 2014 to 04th July 2014. There is currently no maximum subscription limit, but a minimum subscription of 100 shares per person is required.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Concordia Maritime Posts Q2 Profit

Facing a “gradually deteriorating market,” Sweden based tanker shipping company Concordia Maritime said it was able to post a profit in Q2 2016 based on high vessel

Brown Named Bureau Veritas Communications Director

Nick Brown has been appointed Bureau Veritas’ new Communications Director, Marine & Offshore Division, the classification society announced.    Brown will take up the post from November 2,

Shipping Must Disclose or Risk Being Exposed - Moore Stephens

International accountant and shipping adviser Moore Stephens says the shipping industry must adopt a transparent, proactive approach to corporate governance or

Finance

Concordia Maritime Posts Q2 Profit

Facing a “gradually deteriorating market,” Sweden based tanker shipping company Concordia Maritime said it was able to post a profit in Q2 2016 based on high vessel

Asia Dry Bulk-Capesize Steady as Owners Spurn Low Rates

Owners anchoring ships rather than fix at low rates. W. Australia-China capesize rates hit over two-month low. Freight rates for large capesize dry cargo ships

Scorpio Bulkers books Net Loss

USA-Monaco based bulk carrier Scorpio Bulkers has reported a loss of $24.7 million in its second quarter of 2016, pushing the carrier's deficit up to $ 83 million.

Energy

Enterprise to Export First Ethane Cargo from Houston Terminal in August

Enterprise Products Partners on Thursday said the first ship to load ethane for export from its new terminal on the Houston Ship Channel will arrive on Aug. 1,

Damen Presents Decommissioning Vessels Concept

Damen Shipyards Group has announced its latest concept design: the Damen Decommissioning Series. The vessel will specialize in three core areas of the oil and gas

Summer Cruise to North Sea Oil Rigs Amazes Tourists

Bored with palm-fringed beaches and turquoise seas? Then the gigantic oil platforms of the North Sea beckon. The first ever "rig-spotting" cruise just ended off the coast of Norway,

Fuels & Lubes

LNG-fueled Bulker Ordered from Korea

Hyundai Mipo Dockyard (HMD) has signed a contract to build a 50,000 dwt bulk carrier with ILSHIN LOGISTICS. The project is a collaboration between POSCO and ILSHIN

Gulf Petrochem Group Expands European Bunker Operations

Gulf Petrochem Group, the UAE based global bunker supplier, has announced that it is now officially offering physical bunker supply in the port of Rotterdam, out of its new office based in Dordrecht.

Fuel Consumption, Emissions Monitoring Software Updated

As part of the ongoing Blue Star Delos Renewable Energy Innovation Project, Eco Marine Power (EMP) stated that the Aquarius Management & Automation System (MAS)

News

Enterprise to Export First Ethane Cargo from Houston Terminal in August

Enterprise Products Partners on Thursday said the first ship to load ethane for export from its new terminal on the Houston Ship Channel will arrive on Aug. 1,

SNMCMG2 Completes Third Black Sea Deployment

Standing NATO Mine Countermeasures Group 2 (SNMCMG2) has completed its third deployment into the Black Sea under the command of Captain Ramazan Kesgin, Turkish Navy.

Concordia Maritime Posts Q2 Profit

Facing a “gradually deteriorating market,” Sweden based tanker shipping company Concordia Maritime said it was able to post a profit in Q2 2016 based on high vessel

Government Update

China, Russia Navies to hold S. China Sea Drills

China and Russia will hold "routine" naval drills in the South China Sea in September, China's defence ministry spokesman Yang Yujun told a news conference on Thursday.

India Govt, Cochin Shipyard Pact on FY17 Growth Targets

Cochin Shipyard Limited (CSL) has entered into a Memorandum of Understanding (MoU)  with the government of India for the ongoing fiscal under which targets agreed

Cambodia Urged ASEAN to Avoid Words That Escalate Tension

Cambodia advised a grouping of South East Asian nations to avoid using words that "would escalate tension between China and the Philippines" in a weekend statement,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1251 sec (8 req/sec)