.To list shares on NSE
The market share of the Skyway Aviation Handling Company Limited (SAHCOL) has grown to 48 per cent since the ground handling company was privatised in 2009 by the Federal Government.
This is as the company also said that plans have reached an advanced stage for it to be enlisted on the floor of the Nigeria Stock Exchange (NSE).
Mr. Basil Agboarumi, the Ag. Managing Director of the company stated this at the Murtala Muhammed Airport (MMA), Lagos during an interaction with aviation journalists.
According to Agboarumi, SAHCOL, which was detached from the defunct national carrier, Nigeria Airways on liquidation, had a paltry 21 per cent of the market share before privatisation, but since the company was privatised and acquired by Sifax Group, its market shares had grown to about 48 per cent.
According to him, most of the local and foreign carriers are now willing to do business with the organisation, stressing that privatisation had led to the acquisition of state-of-the-art facilities by the company, which had contributed to the growth of its clientele.
Agboarumi emphasised that more clientele still approach the company for business purposes, stressing that its warehouse was not just the best in the sub-region, but in the entire continent.There are about three ground handling companies in the Nigerian aviation industry.He said: “However, we still need opportunities to do better. We know we are growing and closing the gaps. For example, before SAHCOL was privatised in 2009, we maintained about 21 per cent of the market share, but today to the glory of God, we have grown to about 48 per cent and we are not stopping there, we are still growing.
“Part of what we need to do is to train our staff and get modern and state-of-the-art equipment into the system and that is what we are doing and closing the existing gaps even as we are stepping up on our services.”
On the enlisting of the company on NSE, Agboarumi insisted that the management was not reluctant to move to the exchange, rather, plans had reached an advanced stage for the ground handling company to be enlisted on the floor.
He attributed the poor operating environment and the recent recession the country went through as some of the reasons the organisation was yet to be enlisted on the exchange, but assured that with the current developments, the company would be enlisted on the exchange very soon.
He declared that the management was already discussing with the Security and Exchange Commission (SEC) on the possibility of being enlisted on the stock exchange, stressing that this would enable Nigerians the opportunity to buy into its shares.
He said: “We are not reluctant to be enlisted on the NSE. We are having discussions with SEC. The process is ongoing. We are not standing against the plan and we will not stand against it. We have a very good relationship with the unions on this. However, the economy too was not conducive for some time, but, we have gone very far on this plan.”
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