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In Summary
Swala has interests in Nyanza where it is exploring on Block 12B in which it has a 25 per cent stake.
Gas and oil explorer Swala Tanzania says it will
accept more cash than initially planned after the oversubscription of
its initial public offering (IPO).
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The Australian oil and gas explorer said that it has
received regulatory approval to exercise a green shoe option for its IPO
which managed to attract Sh360 million against the Sh254 million
targeted.
“Swala Tanzania has now received approval from the
Capital Markets & Securities Authority (CMSA) of Tanzania for what
is referred to as a ‘green-shoe’ option,” said Swala in a statement.
The company raised the funds between June 9 and
July 4 in an IPO that was open to East Africans. Locally, it was
partnering Kingdom Securities, the Co-operative Bank investment banking
unit.
The company said the IPO attracted 1,869 investors
from the region, adding that the breakdown of the number of Kenyan
retail and institutional investors who participated would be known once
the CMSA releases the final figures.
“The final numbers are with the regulator for assessment,” Swala chief executive David Mestres Ridge told the Business Daily.
The shares will be listed on the Dar-es-Salaam
Stock Exchange at a later date. The information memorandum says listing
was originally to take place on July 25. Swala has interests in Nyanza
where it is exploring on Block 12B in which it has a 25 per cent stake.
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