The Managing Director of Skyway Aviation Handling Company Plc (SAHCOL), Basil Agboarumi, disclosed the company’s plans to expand its operations to other West African markets. He also noted that SAHCOL is targeting double digit growth in the next five years.
The development was announced after SAHCOL’s successful listing on the Nigerian Stock Exchange (NSE). Agboarumi said the company’s plans will enable it add value to shareholders in a consistent manner.
Following the listing on the NSE, SAHCOL became the first company under the Bureau of Public Enterprises (BPE) privatisation programme to successfully finalise an Initial Public Offering (IPO). The company listed 1.35 billion shares valued at 6.29 billion naira on the Exchange at 4.65 naira per shares.
While undergoing the privatisation process, SAHCOL and the BPE reached a number of agreements. One of the agreements is to list the company’s shares.
According to Agboarumi, “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 percent equity stake in the erstwhile Skypower Aviation Handling Company. The 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”.
The listing would also broaden the company’s access to capital in order to fund its future growth initiatives.
Skyway Aviation Handling Company Plc is 100 percent owned by the Sifax Group and incorporated as an Aviation Ground Handling Service Provider under the Nigerian Company & Allied Matters Act of 1990.