Nigerian Aviation Handling Company (NAHCO) Aviance sent a notice to the Nigerian Stock Exchange (NSE) today, informing it and the investing community of a change in its shareholding structure and directorship.
Godsmart Nigeria Limited has purchased a 16.7% stake in the firm from some shareholders, making it the largest single shareholder.
Companies are expected to notify the NSE when trades equating to 5% or more of their issued share capital changes hands.
Nairametrics last week reported that a key investor had sold its stake in the firm. 271.848 million shares valued at N1.787 billion exchanged hands in four deals. The shares were traded at an average price of N6.52, a 73.4% premium over the company’s closing price of N3.76 per share.
NAHCO’s board will hold an emergency board meeting on Thursday 19th of July 2018 to consider the following resignations and appointments.
Messrs Femi Olubanwo and Christopher Oshaffi who represented the investors that sold their stake have tendered a notice of resignation to the board. Olubanwo was appointed in 2017.
The new shareholders have subsequently nominated Engineer Mohammed Umar and Akinwunmi Godson Fanimokun as Non-Executive Directors.
The firm also announced the resignation of Folashade Ode an Executive Director effective 13th of July 2018. Ode was briefly Acting Managing Director, when Nobert Bielderman, then MD resigned.
The company, however, stated that her resignation is unconnected with Godsmart Nigeria Limited taking a stake in NAHCO.
NAHCO PLc closed at N3.99 in today’s trading session on the NSE, unchanged from yesterday. Year to date, the stock is up 0.25%.
Results for the first quarter ended March 2018 show revenue increased from N1.7 billion in 2017 to N2.1 billion in 2018. Profit before tax jumped massively from N1 million in 2017 to N111 million in 2018. Profit after tax also spiked from N1 million in 2017 to N97 million in 2018.
NAHCO Aviance commenced operations on April 4, 1979, with operations at the Muritala Mohammed International Airport (MMIA), but currently operates across 35 airports in the country.
The Federal Government initially held a 60% stake in the company but sold its stake through an Initial Public Offer (IPO). The company’s shares were listed on the Nigerian Stock Exchange in November 2006. The company is a member of Aviance, an international alliance of airport service providers.
