Medview Board to Discuss Impact of COVID-19 on Operations
By Dipo Olowookere
The board of Medview Airline Plc will hold a crucial meeting today, Thursday, July 23, 2020, to discuss how the firm can remain afloat in the present situation.
The aviation sector has been badly hit since the deadly Coronavirus disease (COVID-19) broke out in Wuhan, China in December 2019.
Early this year, many countries from around the world shut down their airspaces, preventing passengers from other nations to land in their countries except for essentials.
In Nigeria, the federal government closed all the airports in March and only reopened them this month to domestic flights.
Worried about the state of the industry at the moment and how operators are struggling to survive in the absence of government’s intervention, the board of Medview, which is one of the players in the sector, plans an emergency meeting today.
“There will be a board of directors’ emergency meeting of Medview Airline Plc to be held virtually by Zoom on Thursday, July 23, 2020, at 12:00 noon,” the notice signed by the company secretary, Abdullahi Adam Abdullahi & Co, stated.
The statement further said members of the board will, at the gathering, deliberate on the “effect of the COVID-19 pandemic on the operations of airlines in the aviation sector and the financial status of the company, amongst other matters.”
“Consequently, in view of the above, the closed period for trading in the shares of the company commences on Tuesday, July 21, 2020, until 24 hours after the decision reached at the meeting is released to the public,” it said.
Business Post recalls that earlier in the month, the Nigerian Stock Exchange (NSE) advised investors “to trade with caution” on the shares of Medview and 12 others.
The reason for raising the red flag, according to the exchange, was because the companies have failed to give details of the financial statements as required by the rules for joining the stock market, which will provide necessary information to the investing community on action to take about their securities.