…adds N6.3bn to market cap
Skyway Aviation Handling Company (SAHCO) Plc., Tuesday became the first company under the Bureau of Public Enterprise (BPE) privatization programme to successfully finalize an Initial Public Offering (IPO) as its shares were officially listed on the Mainboard of The Nigerian Stock Exchange (NSE).
According to Oscar Onyema, the CEO of the NSE, this development serves as an example to other similarly situated companies.
“We encourage more of these companies to explore the different opportunities in the capital markets for raising long term capital. We believe that increased participation of indigenous companies in the capital markets will increase investors’ confidence (both local and international) and entrench good corporate governance, transparency and sustainability,” said Onyema who was represented by Tinuade Awe at the company’s fact behind the listing presentation held at the stock exchange house in Lagos.
Onyema expressed delight at the strategic step SAHCOL has taken to join the Main Board of The Exchange and in so doing, the prestigious club of quoted companies in Nigeria.
“This step reflects the Company’s belief that our platform remains a veritable avenue for raising capital and enabling sustainable national growth. I commend SAHCOL for this bold and strategic step.
Your listing on the NSE today 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 West African,” he continued.
He disclosed that the Company has gone through a rigorous process to meet the listing standards of the NSE and that the listing shows the company is demonstrating its commitment to living a culture of strong corporate governance, excellent corporate citizenship and efficient services to its clients.
The listing which was 1,353,580,000 ordinary shares of SAHCOL offered at N4.65 per share has added N6.3 billion to the market capitalization of the Exchange, further deepening the Nigerian capital market.
“It will also increase the visibility of SAHCO Plc whilst solidifying its brand as a major player in the Aviation sector,” said Onyema.
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Frontpage October 14, 2019