A total of 1,353,580,000 ordinary shares of Skyway Aviation Handling Company Plc (SAHCOL Plc) priced at N4.65k per unit were on Tuesday, April 23, 2019 listed on the main board of the Nigerian Stock Exchange (NSE) by way of an Initial Public Offering (IPO).
The listing further boosted the market capitalisation of the local bourse today N6.29 billion, deepening the Nigerian capital market. It has also increased the visibility of SAHCO Plc whilst solidifying its brand as a major player in the aviation sector.
Today’s exercise makes SAHCOL Plc as the first company under the Bureau of Public Enterprises (BPE) privatisation programme to successfully finalise an IPO and list its shares on a securities exchange.
SAHCO is a full-scale aviation ground handling service provider with a focus on aircraft/ramp handling, cargo handling, passenger handling, premium lounge, aviation security and baggage reconciliation. The firm enjoys the patronage of a clientele that spans international and local commercial airlines, as well as other air cargo companies.
SAHCO was incorporated as a private limited liability company under the name Skyway Aviation Handling Company Limited on 22nd April 2009.
The company is a member of the Sifax Group. In 2009, the Sifax Group, through SAHCO, acquired the Federal Government’s 100% equity stake in Skypower, an aviation ground handling services entity, under the privatization programme of the Nigerian Government.
Following the acquisition, Skypower became a wholly owned subsidiary of SAHCO, with its operations taken on by the company.
While welcoming the company to the bourse today, the Executive Director in charge of Regulation at the NSE, Ms Tinuade Awe, commended SAHCO Plc for taking the bold step to list on the exchange.
“We are particularly pleased that SAHCO Plc has taken this strategic step to join the Main Board of the exchange and in so doing, the prestigious club of quoted companies in Nigeria.
“This step indicates the firm’s belief that our platform remains a veritable avenue for raising capital and enabling sustainable national growth.
“I commend SAHCO Plc for this bold and strategic step which will not only showcase the company as an established player in the aviation sector but will enable the firm to actualize its strategic vision of becoming the leading provider of passenger, Ramp and Cargo Handling Services in the West African Sub Region,” she said.
Ms Awe also stated that the NSE encourages other privatized state-owned enterprises to explore the different opportunities in the capital markets for raising long term capital.