Dr Reginald Mengi Vs Prof Sospeter Muhongo - Oil and Gas exploration


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Swala Energy, an oil and gas exploration firm, will soon sell some shares in an Initial Public Offering so as to list on the Dar es Salaam Stock Exchange (DSE).

This will be done through the DSE micro-finance window, Economic Growth Market (EGM). The energy firm's prospectus awaits Capital Market and Securities Authority (CMSA) approval. If all goes well, it expects to list on EGM next month and start trading early 2014. Swala which also listed on the Australian Securities Exchange (ASX) is expected to release 3.75 million shares to the public in Tanzania in areas of its operations.

DSE's Chief Executive Officer, Moremi Marwa confirmed to East African Business Week during a telephone interview in Dar es Salaam last week that Swala IPO will be ready in a few weeks to come. "Swala Energy is planning to raise as much as $2 million by listing its Tanzanian unit, Swala Oil and Gas Tanzania, on the DSE's special window in the next quarter," Moremi said.

The recent successful listing of Maendeleo Community Bank which was oversubscribed by 1.2 million shares early this month, has attracted many firms to rush for the DSE's alternative market, EGM. The opening of EGM, the second window of DSE that has less stringent condition of listing, has been termed as the catalyst for start-up and refinancing enterprises to boost their capital.

The Dar es Salaam bourse has approved Swala Energy's share listing on the EGM, a move that could make it the third firm to start trading on the new board. The DSE disclosed the approval in its quarterly update for the period ended September 2013. The Australian firm, will be listing on the Dar bourse after the IPO, joining Maendeleo Bank whose shares are already trading on the new board and Mwanza Community Bank whose IPO was extended.

"We are expected before end of this year. The three firms, Maendeleo Bank, Mwanza Community Bank and Swala Energy Tanzania will be trading at the EGM," Marwa said.

During this quarter the DSE Governing Council approved three new listings on the EGM market. Tanzania Securities Limited is the nominated advisor for Swala Energy and its IPO comes at a time when the exploration firm raised $4 million through a private placement. The private placement saw two strategic investors - an investment firm based in Abu Dhabi called Hayaat Group and Dr Reginald Mengi, a private investor - take up 9.4% and 3.3% ownership of the company respectively.

In a statement Swala Energy discloses that, 'The funds will be used to accelerate the company's work programme in its existing licences, for corporate activity and for continued business development.' Swala has a 32.5% equity interest in each of the Pangani and Kilosa-Kilombero hydrocarbon exploration blocks in Tanzania and in Kenya it jointly owns the 12BB block with Tullow Oil.

Earlier this month, the firm announced positive results of its 2D seismic programme at the Kilombero basin whose initial results suggested the presence potential deposits.

source: Oil Firm Offers Shares - allAfrica.com
 
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Mdondoaji

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Hivi Mengi nae siku hizi ni Dr au Honorarius Causa Dr? Ndio maana Muhogo alisema Tatizo la Watanzania ni wavivu kufikiri, kuchanganua na wanapenda mambo mepesi. Na hii habari mbona haiendani na kichwa cha habari? JF ina watoto wengi siku hizi.
 
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gambagumu

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kama Angelus mvivu wakufikir angewezaje kufanikiwa. ...lambda hilo swali ujiulize we we na prof muhongo na kila MTU aliajiriwa na binadamu mwenzake.
 
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Luqash

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Luqash

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Umechanganya habari...!
 
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Le Grand Alexei

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Le Grand Alexei

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Nilifundishwa utotoni kuwa niwaheshimu watu wote lakini hata siku moja nisiwadharau ama kuwabeza watu wenye vyeo ama mamlaka, wenye fedha zao ama matajiri na wenye elimu yao.

Prof Muhongo ambaye siku hizi kajipatia umaarufu kwa kuitwa Muongo kwa kauli zake mbalimbali za uongo bungeni na kwenye majukwaa ya hadhara. Amewahi kuwadanganya wabunge na wananchi kwa ujumla kwamba hakutotokea mgao wa umeme tena. leo hii kuna mgao nchi nzima na bei ya umeme imepandishwa huku Naibu wake Simbachawene akitukebehi watanzania kwa kutuambia kuwa asiyetaka umeme aache na mbadala wake atumie kibatari! Muhongo ama 'Muongo' alipofikishwa kwenye kamati ya bunge ya maadili alitoa machozi na kuwaomba wajumbe wamsamehe na kwamba hatorudia tena kwa kuwa alidanganywa na wasaidizi wake.

Leo hii, pamoja na heshima niliyonayo kwa wasomi napata taabu sana kumuamini tena 'msomi' huyu kwa vile nahisi kama anadanganya tu na kwamba kila anachooongea hana uhakika nacho sana na kuna uwezekano mkubwa sana akawa anadanganya tena. Ukimuona anavyoongea kwa authority huwezi amini kama huyu 'msomi' anaweza kuwa anadanganya.

Tajiri Mengi naye sitaki kumtetea maana naye amekuwa akilia lia sana kuonewa lakini kumbe inasemekana naye anataka vitalu vya gesi. Pamoja na heshima niliyonayo kwa tajiri huyu napata mashaka sana na nia yake ya kutaka kuutumia vibaya uzalendo wa uzawa kujipatia mali yeye binafsi. Nakumbukia kwenye lile la Kilimanjaro Hotel, ambapo aliutumia sana uzawa wake kiasi ambacho mpaka leo hii watu wengine tunapata mashaka kama hii yake nayo si staili nyingine tu ya kutaka kutulaghai kwa kigezo cha uzawa kumbe ni mjasiriamali kazini?

Hawa watu wa aina ya 'msomi' Muongo na 'tajiri' Mengi ni wa kuwa nao makini sana. Utajuaje kuwa sasa ni wazalendo na wanamaaanisha wanachokisema? Ama wana nia zilizojificha moyoni?
 
Paschal Joseph Haule

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Paschal Joseph Haule

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Mhongo ni jembe
 
jMali

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jMali

jMali

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Mengi sio "Dr" at least not in Tanzania, labda huko alikoununua!
 

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