NSE CEO’S SPEECH AT THE FACTS BEHIND THE LISTING PRESENTATION OF SAHCO PLC
NSE CEO’S SPEECH AT THE FACTS BEHIND THE LISTING PRESENTATION OF SKYWAY AVIATION HANDLING COMPANY PLC (SAHCO PLC) ON APRIL 23RD, 2019 AT THE STOCK EXCHANGE HOUSE, MARINA – LAGOS
– Delivered by Ms. Tinuade Awe
Distinguished Ladies and Gentlemen:
It gives me great pleasure to welcome you to this Facts Behind the Listing of Skyway Aviation Handling Company Plc (SAHCOL). On behalf of the National Council, Management and Staff of The Nigerian Stock Exchange, I congratulate the Board and Management of SAHCOL on its successful listing on the Main Board of the Nigerian Stock Exchange.
Following the Federal Government’s decision to identify key state-owned enterprises from which to extract value and open to private sector expertise, SAHCOL was 100% privatized by the Bureau of Public Enterprises (BPE) and transferred to the Sifax Group in 2009. Ten (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. 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.
The Company has gone through a rigorous process to meet the listing standards of the NSE. With this listing, the Company is demonstrating its commitment to living a culture of strong corporate governance, excellent corporate citizenship and efficient services to its clients.
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. This listing has added N6.29Bn to the market capitalization of The Exchange, 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.
This listing shows the confidence SAHCOL has in our platform, which has a total market capitalization of N21.5Tr across various asset classes. In order to remain competitive, we have implemented far-reaching transformational programmes that have improved market access and provided products that are aligned to investors’ requirements. We have also implemented several transparency initiatives (such as BrokerTrax, X-Compliance, X-Whistle, Compliance Status Indicator Symbols, X-Issuer etc.) which have significantly improved confidence to our market.
The NSE 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. We encourage other companies within the Aviation Sector to join SAHCO Plc by listing their shares on the NSE.
It would be remiss of me not to end this short address without a word of thanks. First, I would especially want to acknowledge the Director-General of the Bureau of Public Enterprises (BPE), Mr Alex Okoh and members of his Executive and Senior Management for their dedication and commitment to the post-privatization monitoring activities of the Bureau. This listing is a testament to all the D-G and his team are doing to ensure that owners of privatized enterprises act in accord with the post-privatization arrangements they made with the Bureau. Next, I would like to thank the SEC for its efforts without which this listing would not have occurred. Finally, I particularly want to acknowledge the significant work done by all the professional parties to this Offer. Seeing as SAHCOL was the first privatized entity to list, these professional parties took the laboring oar, working consistently and untiringly towards the goal of listing SAHCOL. Indeed, the efforts of all connected with this listing, including SAHCOL, are worthy of commendation.
We thank you, the invited guests for your presence today and encourage you to participate fully during the interactive session with the Company. We wish SAHCOL great success as it embarks on this new phase of its life’s journey as a listed company on a globally recognized exchange, and we encourage the company to remain transparent in its dealings and comply always with its post-listing obligations to The Exchange.
Ladies and Gentlemen, join me in welcoming the CEO of SAHCOL to the podium to make his presentation.