Africa: SAHCO Plc Lists On The Nigerian Stock Exchange
Skyway Aviation Handling Company PLC (SAHCO) has been listed on the Nigerian Stock Exchange (NSE) with 1,353,580,000 shares priced at N4.65 few months after going public.
This event which took place at the Trading Floor of the NSE, was attended by SAHCO’s Board of Directors, Top Management of SAHCO, NSE, Bureau of Public Enterprise, Crème de la crème of the Stock Market. The event kicked off with a Post Listing Compliance Presentation by Ms. Tinuade Awe, Executive Director, Regulations to sensitise the SAHCO Board of Directors and Top Management about the expectations of the NSE towards SAHCO.
Dr Taiwo Afolabi, the Chairman of SAHCO, beat the gong at the Trading Floor to signify the listing of SAHCO in the NSE. He expressed his pride at how far the company has gone under his leadership making SAHCO a success story and a company that can compete favourably with any Ground Handling Company in the world with its excellent service delivery which is according to global best practices.
At the Facts Behind the Listing event, Ms. Tinuade Awe, who represented the Director General of the NSE welcomed SAHCO to the NSE and encouraged the company to be transparent while commending the efforts of the NSE and the Bureau of Public Enterprise (BPE) at making the Listing a reality.
The Managing Director/CEO, Basil Agboarumi during his presentation appreciated the NSE for the historical event and promises not to disappoint with the backing of SAHCO’s management. He emphasized that one of the reasons SAHCO listed, is to respect the Share Purchase Agreement that was signed between the Federal Government and SIFAX Group when SAHCO was bought by SIFAX Group during privatization.
Agboarumi stressed that the listing is an avenue for the Nigerian Public to be part of SAHCO’S success story. He buttressed that apart from the monetary benefit to the public and the sustainability of the company, the listing will increase the visibility of the company to the world. He also mentioned that SAHCO is the only Ground Handling Company that has an Airline background since it was one of the subsidiaries of the defunct Nigerian Airways.
Speaking during the event, Alex Okoh, the Director General of BPE, commended SAHCO for its unblemished records. He stressed that ‘SAHCO is a child in whom the Bureau is well pleased’. BPE believes that state owned enterprises would be better managed when listed. Okoh also said that the Share Purchase Agreement was adopted to avoid the accusation that government was selling State owned assets to government cronies.
SAHCO which is the 163rd company to be listed in the NSE is an Aviation Ground Handling Company. The company whose core values include Reliability, Proactiveness, Mutual Respect, Responsiveness, Empathy is a brand in line with global standards. SAHCO is involved in Passenger Handling, Ramp Handling, Cargo and Warehousing, Baggage Handling and Reconciliation, Aviation Security, Premium Lounge and other aviation ground handling services.