BPE Announces Public Offer of 406,074,000 SAHCO’s Shares

Alex Okoh
BPE Director General, Mr. Alex A. Okoh

BY Ndubuisi Francis in Abuja

The Bureau of Public Enterprises (BPE) has disclosed that the public offer of 406,074,000 ordinary shares of Skyway Aviation Handling Company (SAHCO) Plc opens on November 12, 2018 through December 19, 2018.

Speaking in Lagos, the BPE Director General, Mr. Alex Okoh, said it was a great milestone for the Bureau and the privatisation programme in Nigeria, and urged the investing public to take advantage of the offer.

The BPE facilitated the first Initial Public Offer (IPO) in four years with the public offering of SAHCO Plc for the sale of 406,074,000 ordinary shares.

Okoh said the shares being offered for sale would be allotted on the basis of equality between the 360 federal constituencies in Nigeria and the Federal Capital Territory (FCT), and advised the prospective investors to consult their stockbrokers and financial advisers for subscription.

In a statement by BPE’s Head, Public Communication, Amina Tukur Othman, the BPE chief executive said the move was in fulfillment of the Nigerian Stock Exchange’s (NSE) commitment towards deepening the nation’s capital market through the provisions of opportunities for investment on the floor of the NSE.

Okoh reiterated the commitment of the National Council on Privatisation (NCP) to ensuring that “privatisation transactions, especially reforms geared towards economic recovery for a buoyant Nigerian economy are done in line with international best practices”.

He added that the present administration was poised to partnering with the Nigerian public and international investors in order to explore the opportunities available in the nation’s capital market.

According to him, SAHCO Plc (formerly Skyway Aviation Handling Company Limited-SAHCOL) was incorporated in March 1996 as a 100 per cent fully-owned federal government enterprise but was privatised and handed over to the core-investor (SIFAX Group) on December 23, 2009 after being carved out of the liquidated Nigeria Airways Limited.

He added that the company is 100 per cent owned by the SIFAX Group, stressing that SAHCO is one of the success stories of privatisation in Nigeria and pledged the determination of the present administration to ensure that all privatised enterprises are run efficiently and for the benefit of all Nigerians.

Also speaking, Chairman of SIFAX Group, Dr. Taiwo Afolabi, said the company has grown from 21 per cent to 40 per cent since takeover in 2009 with 100 per cent growth in revenue.

He enjoined the public to take advantage of the public offer, adding that 41 per cent of the shares on sale will go to the investing public, while 10 per cent was reserved for staff of the company as statutorily required by the privatisation Act.

On why SAHCO had to wait nine years after takeover before going public, he said the company wanted to procure state- of-the-art equipment and have in place the necessary logistics before doing that, stressing that the investing climate was not ripe then.