Over N1bn spent on equipment procurement – Agboarumi, SAHCO Boss
Basil Agboarumi, the Managing Director, Skyway Aviation Handling Company PLC (SAHCO), has revealed that over one billion Naira has been spent on the procurement of world class equipment in 2018.
Agboarumi disclosed this during the presentation of the company’s Facts Behind the Listing at the Nigerian Stock Exchange (NSE), Lagos.
“… we have invested almost a billion Naira for addition of new equipment, most of the equipment are here, already, while most of all the last batch will be shipped into the country,” Basil said.
SAHCO has been at the forefront of innovation in the aviation industry, with one of the best warehouses in West Africa. This, in some capacity, has lured many clients toward SAHCO’s path. KLM, Air France and more recently, Virgin Atlantic are some of the big brands being lured away from competitors.
Basil further revealed that newly unveiled airline, Ibom Air, which is owned by Akwa Ibom State government has chosen SAHCO as its handling partner.
“When a company is making progress, people will intend to identify with [ the company]. Ibom Air has chosen SAHCO as ground handling partner,” he added.
In his welcome address, the Chief Executive Officer, NSE, Oscar Onyeama, ably represented by Tinuade Awe, congratulated SAHCO, and identified the company as a pacesetter in the Bureau of Public Enterprises.
Onyema said: “Following the Federal Government’s decision to identify key state-owned enterprises from which to extract value and open to private sector expertise, SAHCOL was 100% privatized by the Bureau of Public Enterprises (BPE) and transferred to the Sifax Group in 2009. Ten (10) years on, the company has become an important success story of the Federal Government’s privatization drive.
“Today’s listing is a promising development in the country, being that SAHCOL is the first company under the BPE privatization programme to successfully finalize an Initial Public Offering [IPO] and list its shares on a securities exchange. It serves as an example to other similarly situated companies.”
With the listing price standing at N4.65, numbers of shares to be listed at 1,353,580,000, and market capitalization of N6.2 tr, SAHCO’s listing mode is set at an IPO by way of an offer for sale.
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Business and Lifestyle Editor at Wheel NG