Swala Oil & Gas (Tanzania) plc has appointed KPMG as their new external auditors. The appointment came after shareholders gave their approval at the company’s recent Annual General Meeting in Dar es Salaam, Tanzania.
KPMG provides audit, tax and advisory services and industry insight to help organizations negotiate risks and improve performance.
KPMG has a global presence across 154 countries and is one of the world’s leading professional service providers. The accountancy firm delivers a variety of innovative business solutions to many of the world’s largest and most prestigious organizations.
Swala’s New Directors
Swala has also appointed four new directors to the company they are Mr, Harold Temu, Mr. Salem Balleith, Mr. Scott Gilbert and Mr. Justin Massawe.
Swala’s top management has expressed confidence in the new directors as have the shareholders through their approval.
The appointment renews and reaffirms the company’s commitment to deliver both to shareholders, 50 percent of whom are Tanzanian, and to the community in general.
Speaking at the Annual General Meeting Swala Chief Executive Officer and Director Dr. David Mestres Ridge remained confident and optimistic over the company’s performance and its contribution to the country.
He said new discoveries are been announced across a number of licences all along the rich Albert Graben play (Lake Albert basin and Swala ‘has an active operational and business development programme to continue to grow its presence in the hydrocarbon provinces of East Africa and globally.”
Swala’s PAEM Acquisition
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.
It also has the rights to set up the associated infrastructure and manage distribution as well as marketing agreements with both the private sector and state enterprises as well.
Swala is an active contributor to the development of the Tanzanian capital markets and local content participation in the Natural Resources sector.
In its most recent PAEM acquisition, Swala will list on the Dar es Salaam Stock Exchange (DSE) preferred shares along with $50m worth of local mezzanine bonds as a greenshoe issue.
Since, Swala is 50% locally owned, when the deal is complete, Swala will own 40% of PAEM which is equivalent to PAEM been 20% locally owned.
Insight: KPMG, Global Auditors
KPMG is a global auditing firm with presence across the world. It offers three main services: financial audit, tax, and advisory.
KPMG’s utilizes Data and Analytics (D&A) to enhance audit quality in the retail sector and provide its auditors with deeper insights on business risks, financial performance, and accounting and reporting control.
Using D&A capabilities, the KPMG audit teams are able to analyze data sets in their entirety, gain visibility across complex organizational structures, identify underlying patterns and anomalies, and understand relevant risks on which to focus their efforts.