SAHCO IPO: States’ll be treated equally, says BPE

Ahead of the Initial Public Offering of Skyway Aviation Handling Company Plc, the Bureau of Public Enterprises has said the 36 states of the federation and the Federal Capital Territory will be treated on an equal basis in the allotment of the shares of the company.

In a statement made available to our correspondent in Abuja on Wednesday by the Head, Public Communication at BPE, Amina Othman, the Director General, Mr Alex Okoh, described the IPO as the first the privatisation agency would be facilitating in four years.

The public offering for the sale of 406,074,000 ordinary shares of SAHCO will open on November 12 and close on December 19.

Okoh said it would be a great a milestone for the BPE and the privatisation programme in Nigeria, urging the investing public to take advantage of the offer.

The BPE boss advised the prospective investors to consult their stockbrokers and financial advisers for subscription.

He said the move was in fulfilment of the Nigerian Stock Exchange’s commitment towards deepening the nation’s capital market through the provision of opportunities for investment on the floor of the Exchange.

Okoh restated the commitment of the National Council on Privatisation to ensuring that privatisation transactions, especially reforms geared towards economic recovery, were done in line with international best practices.

He said the administration of President Muhammadu Buhari was poised to partner the Nigerian public and international investors in order to explore the opportunities available in the nation’s capital market.

SAHCO, formerly Skyway Aviation Handling Company Limited, was incorporated in March 1996 as an enterprise wholly owned by Federal Government 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.

The company is currently 100 per cent owned by SIFAX Group.

Okoh said SAHCO was one of the success stories of privatisation in the country, adding that the present administration was determined to ensure that all privatised enterprises were run efficiently for the benefit of all Nigerians.

He said that 41 per cent of the shares on sale would go to the investing public while 10 per cent was reserved for staff of the company as statutorily required by the Privatisation Act.

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