Swala launches Dar es Salaam share listing

Swala Oil and Gas (Tanzania) has launched an offering of up to 9.6m ordinary shares at TSh500 on the Dar es Salaam Stock Exchange, the first such offering in the oil and gas industry in East Africa. The offer is open from 9 June to 4 July and there is no maximum subscription limit, but a minimum subscription of 100 shares per person is required. The company said it expected to raise between TSh1.6bn and TSh4.8bn. “Together with our current cash, we believe that this will be sufficient to complete our 2014 seismic work programme and to continue our business development programme,” it said.