Aviation handling company, Skyway Aviation Handling Company ( SAHCO) Plc has launched an initial public offer for sale of N406, 074, 000 with effect from November 12, 2018.
At the announcement and signing ceremony of the offer in Lagos, the stakeholders said they were divesting 49 percent equity to the investing Nigerian Public in line with the share purchase agreement it signed with the Bureau of Public Enterprises ( BPE) in 2009 when the firm was privatized.
In 2009, the SIFAX group through SAHCO acquired the Federal Government of Nigeria’s 100% equity stake in the erstwhile skyway aviation handling company Limited SAHCOL under the privatization programme.
This was part of the Federal Government’s enterprise reform agenda aimed at managing the privatized companies for efficiency and enhanced profitability.
According to the Director General, Bureau of Public Enterprise, BPE, Mr. Alex Okoh who witnessed the signing of the public offer by stakeholders, “SAHCO was required to offer certain percentage to the public to change the perspective that the assets were sold to cronies and friends of government”.
Chairman, of SAHCO, Mr. Taiwo Afolabi said “the current shareholders would divest N406,074 ordinary shares of 50 kobo each at N4.65 per share representing 30 per cent of the entire issued and fully paid up Ordinary Shares in compliance with the terms of the Share Sale and Purchase Agreement SSPA”
SAHCO shareholders at the event
Explaining further, Mr. Afolabi noted that based on the terms of the executed (SSPA) in respect of the privatization, the shareholders of the company were obligated to divest 49 per cent equity stake in SAHCO to the Public.
“SAHCO future strategy is to create long term shareholder value through the profitable operation and expansion of its business beyond Nigeria and into other West African markets with a vision to become the leading provider of passenger, ramp and cargo handling services in the West Africa sub-region”, he added.
Also speaking Managing Director of SAHCO, Mr. Basil Agboarumi said 10 per cent of the shares to be divested would be sold to the full staff of the company.
He said the 10 per cent of the shares would generate proceeds that would be used to cater to the need of its personnel.
The SAHCO MD assured that the firm would put to judicious use proceeds from the funds to enable SAHCO remain a market leader in cargo , ramp and passenger handling services.
The firm also disclosed that plans were underway to divest the balance of 19 per cent equity stake at a future date.