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.
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