Med-View Airline Plc has just disclosed ongoing plans to expand its business operations. The strategic move will, among other things see the company acquire more aircraft towards the actualisation of its set objectives.
The company will also welcome a new foreign investor by the name AvMax, who will take up a major stake and by so doing, provide the much-needed capital for the proposed expansion.
Medview’s Board of Directors earlier met on the 15th of May to deliberate on these issues and arrive at resolutions.
According to a statement issued by the company informing the Nigerian Stock Exchange and its shareholders of this development, the company’s Board of Directors resolved “to allow AvMax, a Canadian Corporate entity invest in Med-View to enable it to acquire more fleets like B777-200ER.”
Other resolutions reached during the May 15th BOD meeting include the following:
- The ratification and adoption of the company’s unaudited Management Account for the first quarter ended March 31st.
- The resolution to engage in the lease purchase of two CRJ-900 Bombardier Aircraft for local and regional routes.
The Board of Directors also resolved to diversify the company’s business through the acquisition of landed property at Murtala Muhammed International Airport. This, they believe, will enable them “to start the business of Maintenance, Repair, and Overhaul of aircraft (MRO) which will be called ‘Med-View Hanger’.”
The company also hopes to diversify their investment through the commencement of an Aviation Training Organisation (A.T.O) which will be used to train engineers, cabin crew, etc.
Recall that Med-View had last year expanded its operations into more African cities, including Dakar, Abidjan, and Conakry.
Meanwhile, regarding the interest expressed by AvMax to purchase unspecified amounts of shares in Med-View, the company said that the NSE and the investing public would be updated as negotiations progresses.
Incorporated in 1979, AvMax Inc. is a Canadian aviation support company which provides products and services to the aviation industry across the world.
Med-View Airlines Plc is a Nigerian aviation company which was incorporated in 2007 and became a publicly-traded company in 2017. According to the company’s 2017 financial year report, it reported ₦36 billion in annual revenue, with a profit after tax of ₦1.2 billion.
Med-View’s shares closed at ₦2.14 in today’s NSE trading session.