Connect with us

Travel/Tourism

SAHCO Posts First Price Change Five Months After NSE Listing

Published

on

Skyway Aviation Handling Company SAHCOL

By Dipo Olowookere

The price of shares of Skyway Aviation Handling Company (SAHCO) Plc on the floor of the Nigerian Stock Exchange (NSE) changed for the first time since it was listed on the exchange.

On April 26, 2019, over one billion shares of the company were admitted on the main board of the exchange at N4.65 each. But since then, price of the stocks has remained flat at the market until on Wednesday, September 25, 2019, when it posted its first movement.

However, this price change was not a positive one for the firm operating in the aviation sector of the nation’s economy as it went south at the close of transactions yesterday.

Business Post reports that shares of SAHCO depreciated by 46 kobo or 9.89 percent to close at N4.19 per unit.

During the trading session, a total of 16,242,960 units of the company’s stocks worth N68.1 million were offloaded. This was in sharp contrast to the 100 units of the equities worth N465 transacted the previous session.

As at the close of business yesterday, SAHCO had shares outstanding of 1,353,580,000 units worth N5.672 billion.

SAHCO sold its shares to investors through an Initial Public Offering (IPO) and the joining of the firm on the NSE further boosted the market capitalisation by N6.29 billion, deepening the Nigerian capital market.

It has also increased the visibility of SAHCO Plc whilst solidifying its brand as a major player in the aviation sector. The listing made SAHCOL Plc the first company under the Bureau of Public Enterprises (BPE) privatisation programme to successfully finalise an IPO and list its shares on a securities exchange.

SAHCO is a full-scale aviation ground handling service provider with a focus on aircraft/ramp handling, cargo handling, passenger handling, premium lounge, aviation security and baggage reconciliation. The firm enjoys the patronage of a clientele that spans international and local commercial airlines, as well as other air cargo companies.

SAHCO was incorporated as a private limited liability company under the name Skyway Aviation Handling Company Limited on 22nd April 2009.

The company is a member of the Sifax Group. In 2009, the Sifax Group, through SAHCO, acquired the Federal Government’s 100% equity stake in Skypower, an aviation ground handling services entity, under the privatization programme of the Nigerian Government.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Travel/Tourism

Trump Slams Partial Travel Ban on Nigeria, Others Over Security Concerns

Published

on

trump nigeria

By Adedapo Adesanya

The United States President Donald Trump has imposed a partial travel restriction on Nigeria, as part of a series of new actions, citing security concerns.

The latest travel restriction will affect new Nigerians hoping to travel to the US, as it cites security concerns and difficulties in vetting nationals.

The travel restrictions also affect citizens of other African as well as Black-majority Caribbean nations.

This development comes months after the American President threatened to invade the country over perceived persecution against Christians.

President Trump had already fully banned the entry of Somalis as well as citizens of Afghanistan, Chad, Republic of the Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Myanmar, Sudan, and Yemen.

The countries newly subject to partial restrictions, besides Nigeria, are Angola, Antigua and Barbuda, Benin, Dominica, Gabon, The Gambia, Ivory Coast, Malawi, Mauritania, Senegal, Tanzania, Tonga, Zambia and Zimbabwe.

Angola, Senegal and Zambia have all been prominent US partners in Africa, with former president Joe Biden hailing the three for their commitment to democracy.

In the proclamation, the White House alleged high crime rates from some countries on the blacklist and problems with routine record-keeping for passports.

The White House acknowledged “significant progress” by one initially targeted country, Turkmenistan.

The Central Asian country’s nations will once again be able to secure US visas, but only as non-immigrants.

The US president, who has long campaigned to restrict immigration and has spoken in increasingly strident terms, moved to ban foreigners who “intend to threaten” Americans, the White House said.

He also wants to prevent foreigners in the United States who would “undermine or destabilize its culture, government, institutions or founding principles,” a White House proclamation said.

Other countries newly subjected to the full travel ban came from some of Africa’s poorest countries — Burkina Faso, Mali, Niger, Sierra Leone and South Sudan — as well as Laos in southeast Asia.

Continue Reading

Travel/Tourism

Detty December: FCCPC Investigates Possible Exploitative Air Fares

Published

on

fccpc air fares

By Adedapo Adesanya

The Federal Competition and Consumer Protection Commission (FCCPC) has commenced an investigation into pricing templates behind high ticket rates charge by some airlines on some domestic routes.

A statement issued by the Director of Corporate Affairs of the commission, Mr Ondaje Ijagwu, in Abuja said the investigation was to establish possible violations of the provisions of the law.

Mr Ijagwu said that concerns had been expressed widely in the past few days over what appeared to be coordinated manipulation or exploitation in the pricing of airline tickets by some airlines on certain routes, adding that the routes where concerns had been raised included the South-East and South-South, as the festive season began.

According to him, the ongoing investigation targets operators on the identified routes.

He said the commission would apply appropriate enforcement measures where evidence showed any violation of the Federal Competition and Consumer Protection Act (FCCPA).

Mr Ijagwu explained that Air Peace, had instituted a court action seeking to restrain the agency from examining its pricing mechanisms, following the commencement of an investigation into its pricing model after widespread complaints from members of the public.

He said the ongoing inquiry was without prejudice to the case instituted against the Commission by Air Peace.

The director quoted the vice chairman of FCCPC, Mr Tunji Bello, as saying “the commission would not hesitate to act where evidence showed that consumers welfare or market competitiveness were being undermined.

”For the avoidance of doubt, we are not a price control board but the FCCP Act 2018 empowers us to check the exploitation of consumers.

”When we receive petitions or where we find cogent evidence, we will not stand by and watch Nigerian consumers being exploited under any guise.

”Given the arbitrary spike in airfares, the Commission is extending its review of pricing patterns, the basis for the increases reported by consumers, and any practices that could undermine fair competition.

”Where evidence confirms a breach of the Act, FCCPC will apply appropriate enforcement measures,” Mr Bello said, promising that the organisation will continue to provide updates on the ongoing investigations in the aviation industry.

Continue Reading

Travel/Tourism

Verve, Providus Bank Unveil Travel Card for Tourists, Others

Published

on

ProvidusVerve Travel Card

By Aduragbemi Omiyale

A travel card designed for tourists, business visitors, Diaspora returnees has been launched by Verve in partnership with Providus Bank.

Known as the ProvidusVerve Travel Card, the Naira-based travel card will allow inbound travellers to enjoy a smooth, secure, and convenient payment experience throughout their stay in Nigeria. It was powered by Verve’s secure.

Created to support the surge of tourists, expatriates, business visitors, conference delegates, and returning diaspora expected during the festive Detty December season, the ProvidusVerve Travel Card enables seamless payments for transportation, hotels, dining, shopping, entertainment, and everyday essentials nationwide.

The card also works on select global merchant platforms that accept Verve, including Netflix, Google Play, and other digital services, ensuring travellers enjoy uninterrupted access to familiar services.

The ProvidusVerve Travel Card eliminates the hassle of sourcing naira or converting foreign currency on arrival. It enables instant, secure transactions, reduces reliance on cash, and supports compliance with the cashless policy of the Central Bank of Nigeria (CBN).

It also mitigates the risks associated with carrying physical cash such as loss, theft, or fraud, offering a safe, regulation-aligned option for both online and in-person payments.

“The ProvidusVerve Travel Card is a timely solution for inbound travellers seeking reliability, security, and simplicity while navigating Nigeria.

“Together with Providus Bank, we have created a product that eliminates the friction traditionally associated with accessing local payments.

“Whether for tourism, business, or festive activities, this card ensures a smooth financial experience from the moment visitors land,” the Vice President for Issuing and Acquiring Management for Africa at Verve International, Mr Paul Ohakim, stated.

On his part, the Divisional Head for Product Management and Solution Delivery at Interswitch, Mr Ademola Adeniran, described the partnership as a reflection of “Verve’s commitment to designing products that respond to real user needs.”

“The ProvidusVerve Travel Card supports everyday experiences — from booking rides and hotels to shopping, streaming, and dining. It provides inbound travellers with a secure, compliant, digital-first way to experience Nigeria without financial barriers,” he added.

Continue Reading

Trending