The long-anticipated Initial Public Offering (IPO) of Skyway Aviation Handling Company Plc (SAHCOL) is here as the company is offering 406,074,000 ordinary shares to the investing public. this was announced by SAHCOL’s Chairman, Dr Taiwo Afolabi.
The shares, according to Afolabi, would be offered at N4.65 per share. The offer will run from Monday, November 12, 2018, to Wednesday, December 19, 2018.
How SAHCOL shares would be sold
Afolabi said the shareholders of the company were obligated to divest 49 per cent equity stake to the investing Nigerian public based on the terms of the executed share sale and purchase agreement in respect of the privatisation of SAHCOL.
The SAHCOL boss stated that the divestment would occur in phases, adding that 30 per cent of the entire issued and fully paid-up ordinary shares would be offered for sale in the first phase, while the balance of 19 per cent equity stake would be divested at a future date.
10 per cent of the shares to be divested would be sold to the staff of the company in accordance with section 4.2 of the SSPA and section 5 (3) of the Public Enterprises (Privatisation and Commercialisation) Act No. 28 of 1999.
“The company sought and obtained the approval of the Bureau of Public Enterprises for a phased divestment in view of current market conditions.
“The offer represents a unique opportunity to invest in the growing aviation handling sector and I, therefore, enjoin Nigerians to subscribe to the offer as it will run from November 12 to December 19, 2018.” – Afolabi
Afolabi added that further details of the offer were contained in the prospectus and would be available nationwide when the offer opens.
SAHCOL is 100% owned by Sifax Group and incorporated as an Aviation Ground Handling Service Provider under the Nigerian Company & Allied Matters Act of 1990.
SAHCOL which was formerly known as Skypower Aviation Handling Company Limited, before it was privatised and handed over to the Sifax Group on the 23rd of December 2009, was carved out of the liquidated Nigeria Airways Limited as part of the Nigerian Federal Ministry of Aviation’s reform of 1996.