Swala Oil to list at the Stock Exchange of Mauritius

By Published On: August 27th, 2018Categories: IPO News

THE Stock Exchange of Mauritius has approved the listing of Swala Oil & Gas from Tanzania which will now see the listing of the company’s $ 50 million corporate bonds.
The company first announced the move to on the 2nd of July 2018 and its advisors intend to proceed to finalizing the financing for the second and third tranches of the transaction with Orca Exploration Group Inc.

The Company’s shares remain suspended on the Dar es Salaam Stock Exchange pursuant to its announcement of August 6.

Dr. David Mestres Ridge Swala CEO said: “We are pleased to have concluded the listing process on a stock exchange such as that of Mauritius and will now start placing the bonds with sophisticated investors and Company shareholders with whom we have engaged constantly over the past months”.

Ridge said: “We aim to complete the placing over the next two to three weeks, reflecting the interest that this first Tanzanian oil and gas industry bond has awakened in Tanzania and elsewhere”

Swala Oil and Gas (Tanzania) is an oil and gas company listed on the Dar es Salaam stock exchange with assets in Tanzania and Burundi.

The company conducts exploration at the Kilosa-Kilombero in Tanzania and Block D in Burundi. Swala has a 75 percent participating interest in Kilosa-Kilombero and a 100 percent participating interest in Block D.

Swala has also become a shareholder of PAE PanAfrican Energy Corporation (PAEM), a Mauritius-registered company that owns PanAfrican Energy Tanzania Limited (PAET).

PAET in turn holds the rights granted by the government of Tanzania to explore, develop, market, produce and sell natural gas from the Songo Songo gas field in Tanzania, the associated infrastructure and distribution and marketing agreements with private sector and state enterprises.

Swala has been, and continues to be, an active contributor to the development of the Tanzanian capital markets and to local content participation in the natural resources sector.

Read complete article: IPPMedia

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