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MedView Airline goes public, to list N15b shares on Stock Exchange
Having given approval to Nigeria’s fastest growing airline, Medview Airlines Plc, the council of the Nigerian Stock Exchange (NSE) would on January 31, 2017 list its entire issued share capital on the Exchange, in a move that will see the return of the airlines industry to the stock market after the delisting of the previous carriers.
The Quotation Committee, which oversees listing at the Exchange, had last year approved the listing of Med-View Airline.
Med-View 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. 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.
The listing will be done by way of introduction, implying that Med-View 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.
Two other aviation-related companies are listed on the NSE. Airlines Services and Logistics, an in-flight catering company, is currently trading at N2.50 while Nigerian Aviation Handling Company (Nahco), a ground-handling company, trades at N3.16 per share.
From its humble beginning in 2007, Med-View Airline has grown to become an emerging major domestic airline. The coming of MedView airline into the Nigeria scene came with Hajj operations in year 2007 shortly after its incorporation, as a litmus-test, and changed the whole concept of pilgrims airlift in Nigeria.
The remarkable performance in airlifting passengers earlier than expected during Hajj 2007-2008 was said to have impressed the authorities of National Hajj commission (NAHCON), which subsequently called on the newly incorporated airline to carry out rescue operations for pilgrims stranded in Ilorin, Lagos, Sokoto, Maiduguri and Yola during outbound to Saudi Arabia and those stranded in Saudi Arabia during inbound to Nigeria.
MedView Airline second time participation in pilgrims airlift, 2008-2009 Hajj operations, witnessed another commendable performance and it also carried out rescue operations for the stranded pilgrims under the auspices of NAHCON. In 2009, Med-view Airline started participating in Umrah (lesser Hajj) operation.
The carrier commenced domestic operation in November 2012 with a fleet of two Boeing 737-400 aircraft. It added another Boeing 737-800 just a month after.
“Med-view Airline is an emerging giant in the comity of reputable carriers in Sub-Sahara Africa. Our partnership with Euro-Atlantic Airways of Lisbon, Portugal, coupled with General Sales Agency (GSA) agreement with Saudi Air Cargo, our blossom business relationship with Pluna Air of Uruguay and Air Atlanta of Iceland combined to set a standard in Aviation industry yet to be beaten,” the company stated in its profile.
Executive Director, Business Development, Medview Airlines, Isiaq Na-Allah said his airline has recorded a steady growth of 20 per cent in turnover, adding that this gave it the confidence to go international, and now operates flights to London, Jeddah, Accra, Monrovia and Freetown.
He disclosed that the airline has secured all necessary approvals to link all the countries in the Economic Community of West African States (ECOWAS) in the next few months.
His words, “Also on the front burner is 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.”
In recognition that aviation is global, the airline, he noted is in partnership with notable brands including Boeing Commercial Airplane Group, Hahn Air, Air Atlanta, Saudia Cargo, Ethiopian Airlines, Euro Atlantics, Amadeus, etc.
The carrier holds the necessary certification as a full-fledged carrier including Air Transport Licence (ATL), Air Operators Certificate (AOC), Air Carrier Permit (ACP) and the International Organisation Safety Assessment (IOSA) issued by the International Airlines Transport Association (IATA).
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