Skyway Aviation Holding Company Limited offers 406 million naira in first Initial Public Offering after four years

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The Skyway Aviation Holding Company Limited (SAHCOL) rekindled hopes of a return of the era of Initial Public Offerings (IPO) after four years of no record, when the company offered the sale of 406,074,000 ordinary shares of 50 kobo each at 4.65 naira per share.

SAHCOL, which is one of the foremost aviation handling companies in Nigeria, would now go public four years behind the stipulated time by the Bureau of Public Enterprises (BPE).

During his presentation of the “Fact behind the Offer” in Lagos, Olaniyi Adigun, the Executive Director Sales and Marketing of SAHCOL, said the company has continued to grow its assets and emerged as one of the leaders in the ground handling business in Nigeria.

Adigun noted that when listed, the company would increase its visibility, as well as broaden its access to capital to fund future growth plans and initiatives.

He said since privatisation, SAHCOL had built strong competence as one of the leading aviation ground handling service providers in Nigeria. Adigun noted that the firm has grown its market share from 21 percent in 2009 to over 40 percent at present with over 100 percent growth in revenue and total assets.

According to Adigun, “SAHCOL’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”.

Oscar Onyema, the Chief Executive Officer of the Nigerian Stock Exchange, applauded the company for choosing the platform to further inform the market of its ongoing transaction and other strategic investment.

He said “we wish to appreciate the stock brokers and all parties to the offer, the issuing house for putting together this transaction. Given that the market is driven by timely and accurate information, your interaction with the market is very welcome and we encourage you to continue with this trend”.

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