Commitment to Local Content
Swala has been, and intends to continue to be, an active contributor to the development of local content participation and of the local capital markets:
1. Swala listed on the Dar es Salaam Stock Exchange ("DSE") in August 2014 with ticker DSE:SWALA, becoming the first oil and gas company to list on an East African stock Exchange;
2. Swala has sponsored ten students through a first degree at Dar es Salaam University;
3. Swala has, since 2012, contributed some $2,000,000 to TPDC training and development through the operation of the licence agreements, funding the development of TPDC staff at a number of UK Universities;
4. Swala follows a policy of local participation and involvement at all levels of the organisation;
5. Swala has actively encouraged Tanzanian ownership and is currently 50.05% owned, directly and indirectly, by Tanzanian shareholders; and
6. Swala is placing bonds with Tanzanian institutions as part of the PAEM transaction. These bonds will be listed on the DSE; repatriate funds that would otherwise flow to external institutions; reduce the call on the nation's foreign currency reserve account; and encourage the development of the local capital markets.