Ogbuotobo Chuks

More Nigerians are now being offered the opportunity of investing in a company that has done so well in the last one year. From trading at N5.50 in September 2006 to an all high of about N70.00 in the first half of 2007, NAHCO has indeed created a fortune for investors.

The company will today begin its search for N2.153bn from the capital market.NAHCO is shopping for the funds via a public offering of 90million shares at N17.50 per share and a Rights Issue of 35million shares at N16.50 per share to existing shareholders.

According to the Vice-Chairman, Alhaji Suleiman Yahyah, the funds would be used to implement the company’s three-year corporate business plan. He explained that the net proceeds of N2.00bn will enhance the funding of the company’s business growth and expansion strategy. The funds would be maximized in areas like acquiring of new ground support equipment, reinforcing the company’s technology platform, construction of new cargo sheds, re-branding, and increasing the working capital to support the expected expansion.

At present, the company operates mainly in Lagos, but is wrapping up plans to expand to other airports.

Experts are of the opinion that the offer would be oversubscribed given the impressive performance of the company, as well as the robust trading of its shares on the Nigerian Stock Exchange.

The offer closes on September 20, 2007.

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This entry was posted on Monday, September 10th, 2007 at 1:13 pm and is filed under Public Offers. You can follow any responses to this entry through the RSS 2.0 feed. Tags: Nahco, Nigerian Aviation Handling Company
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