By Dipo Olowookere
The initial public offering (IPO) of Skyway Aviation Handling Company (SAHCO) Plc is closing Wednesday, January 9, 2019 (today).
The company is selling its shares to members of the public to raise about N1.89 billion, with proceeds from the exercise used for expansion of the firm.
A total of 406,074,000 ordinary shares of 50 kobo each of SAHCO Plc is sold at N4.65k per share and would be listed for trading on the floor of the Nigerian Stock Exchange (NSE).
Business Post reports that 10 percent of the shares being offered for sale will be reserved for staff of SAHCO under an employee stock ownership plan, which will be set up and administered by a trustee.
The IPO commenced on Monday, November 12, 2018 and was initially slated to close on Wednesday, December 19, 2018, but was extended to today with the approval of the Securities and Exchange Commission (SEC).
The sale of the IPO is supervised by Vetiva Capital Market Limited, the lead Issuing House; and Cordros Capital, the Joint Issuing House. In addition, Sigma Securities Limited, Apel Asset Limited, APT Securities and Funds Limited, City-Code Trust & Investment Company Limited, Dynamic Portfolio Limited, Fortress Capital Limited, Planet Capital Limited, Pilot Securities Limited, and Vetiva Securities Limited are the appointed stockbrokers for the exercise.
Adedapo Adesanya