The Nigerian Stock Exchange (NSE) market capitalisation on Tuesday, rose by N6.294 billion as a total of 1.354 billion ordinary shares of Skyway Aviation Handling Company Plc (SAHCOL),representing N4.65 per share got admitted on the Exchange.
Addressing the investment community at the fact behind the listing on the floor of the Exchange, the Managing Director/ Chief Executive Officer, Agboarumi Basil, SAHCOL said the firm was one of the success stories of privatisation in Nigeria, adding it saw the need to give Nigerians opportunity to benefit from the success story and also to make the company more feasible.
“SAHCOL is the only ground handling firm that has an airline background and its future strategy seeks to create long term shareholder value through the profitable operation and expansion of its business beyond Nigeria and into other West African markets with vision to become the leading provider of passenger ramp and cargo handling services in the West Africa sub-region,” he said.
Basil further revealed that the firm is targeting 15 per cent growth in the next five years and intends to to achieve the projection through a deliberate cost management strategy that would enable it add value to shareholders in a consistent manner.
Executive Director, Regulation at NSE , Ms. Tinuade Awe, speaking on behalf of the National Council, management and staff of the Exchange said that following the Federal Government’s decision to identify key state-owned enterprises from which to extract value and open to private sector expertise, SAHCOL was 100 per cent privatised by the Bureau of Public Enterprises (BPE) and transferred to the Sifax Group in 2009.
Her words, “Today’s listing is a promising development in the country, being that SAHCOL is the first company under the BPE privatisation programme to successfully finalise an Initial Public Offering and list its shares on a securities exchange. It serves as an example to other similarly situated companies.