SAHCO eyes double digit growth after listing on NSE

Skyway Aviation Handling Company Plc (SAHCOL), has disclosed its plans to expand its operations to other West African markets

While disclosing the plans, the Managing Director/CEO, SAHCOL, Basil Agboarumi, disclosed that the company is also targeting double-digit growth in the next five years.

Nairametrics understands that this development is coming after SAHCOL recently became a quoted company.

According to Agboarumi, the company’s disclosed plan would also enable it to add value to shareholders in a consistent manner.

The broken glass-ceiling: Following the listing on the Nigerian Stock Exchange (NSE), SAHCOLbecame the first company under the Bureau of Public Enterprises (BPE) privatisation programme to successfully finalise an Initial Public Offering (IPO).

The firm listed 1.35 billion shares valued at N6.29 billion on the Exchange at N4.65 per shares.

Why SAHCOL decided to list it shares: When undergoing the privatisation process, SAHCOL and the BPE reached a number of agreements. One of the agreements is to list the company’s shares, SAHCOL‘s Chief Executive Officer, Basil Agboarumi, said.

“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 PER CENT EQUITY STAKE IN THE ERSTWHILE SKYPOWER AVIATION HANDLING COMPANY LIMITED.

“THIS 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.”

Other reason: The listing would also broaden the company’s access to capital in order to fund its future growth initiatives.

About SAHCO: Skyway Aviation Handling Company Plc 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.

SAHCO which was formerly known as Skypower Aviation Handling Company Plc (SAHCO), before it was privatised 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.

Source: Nairametrics

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