SAHCO lists 1.35 billion shares on NSE at N4.65
Written by NobleAdmin on April 24, 2019
Skyway Aviation Handling Company has listed 1.35 billion shares, which is 100 per cent of its issued and paid-up ordinary shares, on the main board of the Nigerian Stock Exchange.
The company officially became a public limited liability company on Tuesday by way of an initial public offering, which was undersubscribed by 35 per cent.
The NSE admitted the shares of the company for trading on Tuesday at a listing price of N4.65.
The Chief Executive Officer, NSE, Mr Oscar Onyema, said SAHCO was the first company under the Bureau of Public Enterprises privatisation programme to successfully finalise its listing on the NSE.
He described the company as a good example to similarly situated companies.
Onyema, who was represented by the Head, Listings Regulation, NSE, Ms Tinuade Awe, said SAHCO would be adding N6.29bn to the market capitalisation of the equities market.
He said the listing of SAHCO on the NSE showed the confidence the company had in the exchange.
The Chief Executive Officer, SAHCO, Mr Basil Agboarumi, said the company decided to list on the NSE, firstly, because it was one of the agreements it had reached with the BPE when undergoing the privatisation process.
He said, “This is in partial compliance (as approved by the BPE) with the share sale and purchase agreement executed in respect of the Federal Government’s divestment of 100 per cent equity stake in the erstwhile Skypower Aviation Handling Company Limited.
“This listing will give Nigerians the opportunity to participate in the company’s growth story. The listing will also improve the liquidity and tradability of the company’s shares, increase the company’s visibility and credibility in the Nigerian market and beyond.”
He added that the listing would also broaden the company’s access to capital in order to fund its future growth initiatives.
Agboarumi said the key investment highlights that would attract investors were the company’s sound business model and scalable franchise; strong brand name and reputation; best-in-class facilities; and experienced management team with deep expertise and competence.
He stated that the future strategy of the company to grow was to expand service offerings, enter into strategic alliances and partnerships, increase customer lifetime value, develop the skills of employees and manage cost.
Agboarumi said the company understood the expectations that came with listing on the NSE and was fully ready to comply.
He assured market stakeholders that the company would not fail in compliance with standards.