SAPL limited, a substantial shareholder of Skyway Aviation Handling Co. Plc (SAHCO) has sold 95.1 million shares of the aviation handling company.
The total value of the shares of SAHCO Plc sold by SAPL is put at N268 million.
This is according to a notification of Share Dealing by an Insider, issued by the Company, and published on the website of the Nigerian Stock Exchange (NSE).
The disclosure which is compliant with NSE’s policy on insider dealing revealed that the substantial shareholder was able to sell the shares of the company in thirteen deals on the floor of the Nigerian Stock Exchange, between the 16th and 24th of December 2020.
Why this matters
Dealings by insiders of listed companies are corporate actions to be disclosed by the management of the company. This is in compliance with NSE’s policy on insider dealing, as the disclosure is key in the effort to ensure transparency and reinforce the trust of the investing public.
The sale of the shares of the aviation handling company by SAPL will impact the substantial shareholder’s stake and position in SAHCO.
What you should know
- SAHCO Plc was carved out of the defunct Nigeria Airways Limited, as part of the Nigerian Federal Ministry of Aviation’s Reform of 1996.
- On the 23rd of December 2009, the Federal Government of Nigeria handed the company over to the Sifax Group, after a well-contested open privatization bid in which Sifax Group came first as the preferred bidder with the sum of N5.52 billion.
- The company was subsequently listed on the Nigerian Stock Exchange on the 23rd of April 2019, and since then continued to maintain its status as a subsidiary of the SIFAX Group.