The CEO of the Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, has said that the Nigerian bourse is positioned as a premiere listing destination for African corporates, governments and international issuers looking to access the capital market of the largest economy in Africa.
Speaking at the Facts Behind the Listing of Skyway Aviation Handling Company Plc (SAHCOL) on Tuesday in Lagos, Onyema urged other companies within the Aviation Sector to join SAHCO Plc by listing their shares on the NSE.
He congratulate the Board and Management of SAHCOL on its successful listing on the Main Board of the Nigerian Stock Exchange and recalled that SAHCOL was 100 percent privatized by the Bureau of Public Enterprises (BPE) and transferred to the Sifax Group in 2009.
He noted that 10 years on, the company has become an important success story of the Federal Government’s privatization drive.
“Today’s listing is a promising development in the country, being that SAHCOL is the first company under the BPE privatization programme to successfully finalize an Initial Public Offering and list its shares on a securities exchange.
“It serves as an example to other similarly situated companies. And, we encourage more of these companies to explore the different opportunities in the capital markets for raising long term capital.
“We believe that increased participation of indigenous companies in the capital markets will increase investors’ confidence (both local and international) and entrench good corporate governance, transparency and sustainability.
“We are particularly pleased that SAHCOL has taken this strategic step to join the Main Board of The Exchange and in so doing, the prestigious club of quoted companies in Nigeria,” he said.
He noted that this step reflects the company’s belief that “our platform remains a veritable avenue for raising capital and enabling sustainable national growth. I commend SAHCOL for this bold and strategic step”.
“Your listing on the NSE today will not only showcase the company as an established player in the Aviation sector, but will enable the firm to actualize its strategic vision of becoming the leading provider of passenger, ramp and cargo handling services in West African,” he said.
According to him, today’s listing by Initial Public Offering of 1,353,580,000 ordinary shares of SAHCOL at a Listing Price of N4.65 per share is a result of several months of hard work by all parties to the transaction including the Bureau of Public Enterprises, Securities and Exchange Commission and The Exchange.
He noted that this listing has added N6.29bn to the market capitalization of the NSE, further deepening the Nigerian Capital Market. It will also increase the visibility of SAHCO Plc whilst solidifying its brand as a major player in the Aviation sector.
With this listing, the NSE has a total market capitalization of N21.5 trillion across various asset classes.
GIK/APA