By Chinyere Joel- Nwokeoma
The Nigerian Stock Exchange (NSE), barring any unforeseen circumstance, will on Jan. 31 list the shares of Med-View Airline Plc by way of introduction, the News Agency of Nigeria (NAN) reports.
A senior official of NSE, who pleaded anonymity, confirmed the listing of the airline’s shares to NAN on Wednesday in Lagos.
The official said that the airline would list 9.75 billion ordinary shares of 50k each at N1.50 per share by way of introduction, indicating a market capitalisation of N14.63 billion.
NAN reports that listing by way of introduction implies that Med-View Airline’s shares will be available initially at the secondary market window.
The official said that the company would float an Initial Public Offering (IPO) later in the year.
The airline management said in 2014 that it had commenced discussions to be listed on the NSE.
Also, the NSE official said that Jaiz Bank would in the next couple of weeks join the league of quoted companies on the exchange.
According to him, the listing of the bank’s 29.46 billion ordinary shares of 50k each at N1.25 per share will also be by way of introduction.
Commenting on the development, Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., said most operators would be excited by the listings.
Kurfi urged the airline to adhere strictly to the NSE post-listing requirements.
He said that Med-View Airline must maintain integrity in order to change the minds of shareholders on the airline stocks.
NAN reports that listing of Med-View Airline would bring the number of airlines listed on the exchange to three.
Aviation Development Company (ADC) was the first airline to be listed in 1994, followed by Albarka Airline on Aug. 14, 2002, but Albarka was delisted in March 2011.
Two other aviation-related companies listed on the NSE are Airlines Services and Logistics, an in-flight catering company, and the Nigerian Aviation Handling Company (NAHCO), a ground-handling company.