SAHCO completes entry into stock market
Chairman of SAHCO, Dr. Taiwo Afolabi, recently beat the gong at the Trading Floor, to signify the listing of SAHCO in the NSE.
Afolabi expressed delight at how far the company had gone under his leadership, making SAHCO a success story and a company that can compete favourably with any Ground Handling Company in the world.
At the Facts Behind the Listing session, Tinuade Awe, who represented the Director General of the NSE, encouraged the company to be transparent, while commending the efforts of the NSE and the Bureau of Public Enterprise (BPE) at making the listing a reality.
The Managing Director and Chief Executive Officer (CEO) of SAHCO, Basil Agboarumi, appreciated the NSE for the historical event, and promised not to disappoint with the backing of SAHCO’s management.
Agboarumi explained that one of the reasons SAHCO listed, is to respect the Share Purchase Agreement that was signed between the Federal Government and SIFAX Group, when SAHCO was bought by SIFAX Group during privatisation.
He stressed that the listing was an avenue for the Nigerian public to be part of SAHCO’s success story.
He added that apart from the monetary benefit to the public and the sustainability of the company, the listing would increase the visibility of the company to the world.
He also mentioned that SAHCO is the only Ground Handling Company that has an Airline background since it was one of the subsidiaries of the defunct Nigerian Airways.
Speaking during the event, the Director General of BPE, Alex Okoh, commended SAHCO for its unblemished records.
He said: “SAHCO is a child in whom the Bureau is well pleased. BPE believes that state-owned enterprises would be better managed when listed.”
Okoh also said that the Share Purchase Agreement was adopted to avoid the accusation that government was selling State-owned assets to government cronies.
SAHCO, which is the 163rd company to be listed on the NSE, has core values that include reliability, proactiveness, mutual respect, responsiveness, and empathy.
SAHCO is involved in passenger handling, ramp handling, cargo and warehousing, baggage handling and reconciliation, aviation security, premium lounge and other aviation ground handling services.
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