Lufthansa Commercial Holding GmBH has transferred all of its 97,453,125 ordinary shares of Nigerian Aviation Holding Company Plc (NAHCO), representing 6% shareholding, to Godsmart Nigeria Limited.

Consequently, Godsmart Nigeria Limited has become a holder of 26.95% of the issued and paid-up share capital of the firm.

Bua group

NAHCO Aviance made this known in a notification to the Nigerian Stock Exchange (NSE) and the general public.

Prior to this development, Godsmart Nigeria Limited had purchased a 16.7% stake in the firm from some shareholders, making it the largest single shareholder. This could be an indication the firm would exert significant influence in terms of strategy.

NAHCO’s results for the third quarter ended September 2018

Results for the nine months ended September 30, 2018, show revenue rose from N5.7 billion in 2017 to N7.2 billion in 2018. Profit before tax increased from N336 million in 2017 to N731 million in 2018. Profit after tax also jumped from N287 million in 2017 to N601 million in 2018.

About the company  

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.

NAHCO Aviance closed at N3.50 on Tuesday’s trading session on the Nigerian Stock Exchange, unchanged from the prior day.

 

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