The board and management of Skyway Aviation Handling Company Limited (SAHCOL) has reached an agreement with the Bureau of Public Enterprise (BPE) and Securities and Exchange Commission (SEC) to become a listed company on the Nigerian Stock Exchange (NSE).
Come November 2018, SAHCOL will be opened to public investors on the floor of the NSE. It was reported that NSE had commenced talks with SAHCOL for enlisting. This move, as reported, was in fulfilment of the NSE’s commitment towards deepening the country’s capital market through the provision of enough liquidity.
Recall that some of Nigeria’s privatised state-owned enterprises in which the Federal Government had diluted a significant amount of its equity, may in two months time be listed on the country’s stock market.
The BPE plans to make Initial Public Offering (IPO) for Indorama Eleme Petrochemicals Limited, Skyway Aviation Handling Company Limited (SAHCOL), and NICON Insurance Limited.
BPE Director, Development institution and National Resources, Joe Anichebe revealed the reason behind the delay to list the company’s shares on privatised state-owned enterprises.
According to Anichebe, it was a risk the BPE could not afford, as many of the state-owned enterprises were not profitable.
However, Equity investors have made unenthusiastic expressions following BPE’s plans to list the aforementioned state-owned enterprises. Many of the investors who voiced out their opinions, would prefer the BPE delay the IPOs in favour of investors.
While the privatised state-owned enterprises were expected to be listed on NSE before the year runs out, the investors sought the deferment in the listing till the coming year.
SAHCOL is 100% owned by the Sifax Group and incorporated as an Aviation Ground Handling Service Provider under the Nigerian Company & Allied Matters Act of 1990.
SAHCOL which was formerly known as Skypower Aviation Handling Company Limited, before it was privatized and handed over to the Sifax Group on the 23rd of December 2009, was carved out of the liquidated Nigeria Airways Limited as part of the Nigerian Federal Ministry of Aviation’s reform of 1996.
Skyway Aviation Handling Company Limited, with its new private sector management composition and orientation, has kicked off the development of business models geared toward ushering inefficient service delivery