SAHCO’s Chairman purchases additional shares worth N82 million

TAIWO Afolabi, the Chairman of Skyway Aviation Handling Co. Plc (SAHCO), a subsidiary of the SIFAX Group, has increased his stakes in the aviation handling company with the purchase of 28 million additional shares of the company.

The total value of the shares of SAHCO Plc purchased by him is valued at N82 million.

This is according to a Notification of Share Dealing by an Insider, issued by the Company Secretary, Bello Omolara, and published on the website of the Nigerian Stock Exchange (NSE).

The disclosure which is compliant with NSE’s policy on insider dealing, revealed that Afolabi acquired the 28 million additional shares of the company in four deals on the floor of the Nigerian Stock Exchange, between the 23rd and 24th of December 2020.

The total consideration for the shares purchased by SAHCO’s Chairman between 23rd and 24th of December 2020 however is put at N82,040,000.00.

Why this matters

• Dealings by insiders of listed companies are corporate actions to be disclosed by the management of the company. This is in compliance with NSE’s policy on insider dealing, as the disclosure is key in the effort to ensure transparency and reinforce the trust of the investing public.
• The purchase of the shares of SAHCO Plc further cements the Chairman’s position as a substantial shareholder of the aviation handling company.

What you should Know

• SAHCO, formerly known as Skypower Aviation Handling Company Limited, was carved out of the defunct Nigeria Airways Limited, as part of the Nigerian Federal Ministry of Aviation’s Reform of 1996.
• On the 23rd of December 2009, the Federal Government of Nigeria handed the company over to the Sifax Group, after a well-contested open privatization bid in which Sifax Group came first as the preferred bidder with the sum of N5.52 billion.
• The company was subsequently listed on the Nigerian Stock Exchange on the 23rd of April 2019, and since then continues to maintain its status as a subsidiary of the SIFAX Group.

https://nairametrics.com/2021/02/20/sahcos-chairman-purchases-additional-shares-worth-n82-million/