The Nigerian Stock Exchange (NSE) has admitted 406,074,000 ordinary shares of 50 kobo each at N4.65 per share for Skyway Aviation Handling Company Limited (SAHCOL), following four years scarcity of Initial Public Offerings (IPOs) in the nation’s capital market.
The IPO is the first public offer to be facilitated in the Nigerian capital market in the last four years.
SAHCOL, which is one of the foremost handling companies in Nigeria, is going public four years behind the stipulated time by the Bureau of Public Enterprises (BPE), following the sale of the former subsidiary of Nigeria Airways to Sifax in 2009.
The Executive Director, Sales & Marketing, SAHCO Plc, Olaniyi Adigun, while presenting the ‘Facts Behind the Offer’ in Lagos, yesterday, said the company has continued to grow its assets and emerged as one of the leaders in the ground handling business in Nigeria.
He said the listing would increase the company’s visibility, and broaden its access to capital to fund future growth plans and initiatives.
Adigun noted that since its privatisation, SAHCOL had built strong competence as one of the leading aviation ground handling service providers in Nigeria, growing its market share from 21 per cent in 2009, to over 40 per cent at present with over 100 per cent growth in revenue and total assets.
“SAHCO’s future strategy is to create long term shareholder value through the profitable operation and expansion of its business beyond Nigeria, and into other West African markets with a vision to become the leading provider of passenger, ramp and cargo handling services in the West Africa sub-region.
“The leading ground handling operation is strategically positioned to take advantage of growth opportunities in the Nigerian aviation industry, leveraging its established brand and reputation, strategic alliances, technical capacity, state of the art technology and equipment, and fully-trained and experienced staff.”
He said a huge investment was committed into SAHCOL since its acquisition by the Sifax Group, noting that to make it competitive and to enable it wrest some market share from its rival, heavy handling equipment were acquire to build the most modern and most sophisticated storage and handling facility in Nigeria.
The Chief Executive Officer, NSE, Oscar Onyema, applauded the company for chosing the platform to further inform the market of its ongoing transaction and other strategic investment.
“We wish to appreciate the stockbrokers, and all parties to the offer, and the issuing house for putting together this transaction.