Med-View Airline Plc, has joined the league of companies in the aviation industry to be quoted on the floor of the Nigerian Stock Exchange (NSE), as the NSE admitted the company 9,750,649,400 ordinary shares of 50 kobo each at N1.50 each, totalling N14.6 billion on the Daily Official List. Speaking at the listing ceremony which attracted key stakeholders in the economy.
The NSE Chief Executive Officer, Mr. Oscar Onyema, commended the airline for the bold step to list the company on the Main Board of the Exchange. According to him “It further reaffirms our belief that in spite of several policy and economic challenges facing the nation, our platform remains one of the best avenues for raising capital and enabling sustainable growth for national development.
Onyema stated that despite the challenging operating environment in the aviation industry globally, the air transport industry continues to contribute about $10 billion to Gross Domestic Product (GDP) of African countries, and it is projected that close to six million jobs would be supported by Africa’s air transport sector over the next 20 years.
In the company facts behind the listing presentation to market operators and financial Journalist, the Managing Director/Chief Executive Officer of Med-View Alhaji Muneer Bankole said the company decided to list on the Exchange is to enhance the corporate value and brand image, in addition to having access to long term capital from wide range of local and international investors, better clout and rating when obtaining loans from financial institutions.
On its financial performance since inception in 2012, Olaniyan Adedayo the chief finance officer said the company grew its turnover by N26 billion from N3.6 billion in the past five years. While they have projected to grow revenue from N31.432 billion in 2017 to N58.491 billion by 2020. He said the company liability to financial institutions is less than N500 million.
According to him the shareholding structure shows that core investors which comprises Nigerian and foreign investors are holding 70 percent, while the remaining 30 percent are owned by the public.
Med-View Airline was registered on August 11, 2004 and commenced business operations on January 2, 2007 with Hajji Operations and started domestic operation in 2012, and in 2014 started both regional and international operations.