Skyway Aviation Handling Company Plc (SAHCO) has revealed plans of expanding operations as its N1.89bn Initial Public Offering is nearing to close.
In an official statement released on Monday, the firm said it is planning to expand operations into other West African countries to consolidate its leading position in the Nigerian aviation handling industry.
“SAHCO plans to ride on the back of the success of its ongoing IPO to further push its vision of becoming the leading provider of aviation handling services in the West African region,” the statement read, reported The Punch.
As part of the IPO, SAHCO offered 406,074,000 ordinary shares of 50 kobo each at N44.65 per share to the public for subscription. Around 10 percent of the shares were reserved for the company’s staff under an employee stock ownership plan to be set up and administered by a trustee.
Taiwo Afolabi, SAHCO’s Chairman, said the company’s strategy is to create long-term shareholder value through the profitable operation and expansion of its business into other West African markets. He added that SAHCO’s goal is to become the leading provider of passenger, ramp and cargo handling services in the West African region.
“In order to achieve this objective, SAHCO seeks to pursue growth and opportunities consistent with its business operations by focusing on operational excellence and efficiency, enhanced service delivery, strategic partnerships and alliances that will enhance its capability both in the domestic market and globally as well as strategic investments, among others,” Afolabi said.
Afolabi noted that the firm has recorded consistent growth since its privatization. He added that the company’s turnover has grown from N2.31bn in 2009 to a whopping N4.86bn in 2017 and its total assets rose from N3.33bn to N14.54bn. The firm is currently one of the leading aviation ground handling companies in Nigeria with over 40 percent market share as of 2017.