Nigeria’s fastest growing airline, Medview Airlines Plc., would, tomorrow, list its entire issued share capital on the Nigerian Stock Exchange (NSE). Medview Airline will be listing 9.75 billion ordinary shares of 50 kobo each at N1.50 per share, indicating a start-off market capitalisation of N14.63 billion.
The Quotation Committee, which oversees listing at the Exchange, had, last year, approved the listing of Medview Airline.
The listing will be done by way of introduction, implying that Medview Airline will be available initially through the secondary market, though the airline was said to be interested in floating its initial public offering (IPO) as the market condition improves.
Trust Yields Securities Limited and Kedari Capital Limited, two investment firms, are the financial Advisers/ issuing House and Stockbrokers to Medview Airline in respect of the listing exercise.
Two other aviation-related companies are listed on the NSE. Airlines Services and Logistics, an inflight catering company, is currently trading at N2.50 while Nigerian Aviation Handling Company (NAHCo), a ground-handling company, trades at N3.16 per share.
Medview’s Executive Director, Business Development, Mr. Isiaq Na-Allah, said the listing would enable the airline to expand its route network and acquire more aircraft to boost its operations.
Harping on the advantages, Na-Allah said the growth projection and market forecast informed the airline’s decision to be listed on the NSE to give members of the public the opportunity to be part of the airline through shareholding.
From its humble beginning in 2007, Medview Airline has grown to become an emerging major domestic airline. He said also on the front burner was expansion on the international routes to United States via Baltimore, United Arab Emirates via Dubai with connections to Europe and the Far East through a code share airline partner.
Source:Pearl