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SAHCOL privatisation: Bank consortium to rally Pan Express’ bid

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The Pan Express   Services Limited, the company that was recently approved by the National Council on Privatization (NCP) as preferred bidder for the Skypower Aviation Handling Company Limited, SAHCOL at a bid price of N10.4 billion, said it has made concerted arrangement/agreement with its bankers who have agreed to form a consortium to pay for the purchase.

The Executive Director of Pan Express Services Limited, Dr Steve Mahonwu, said “while we are happy with the invitation from the Bureau for Public Enterprises’ approval as a preferred bidder for SAHCOL, we are quite abreast of the total amount we are to pay which amounts to N10.4 billion.

“We wish to assure the public that we have made concerted arrangement/agreement with our bankers who have agreed to form a consortium of banks to pay this monetary obligation on our behalf.

“We are not unaware of the present economic quagmire in the administration and management of banks in Nigeria, but come what may, this is a straight forward and viable business desired by all banks and we have been assured by our bankers that they will rally round us to pay this money without prejudice to the present economic problems being experienced by various banks.”

He stated that Pan Express Services Limited has “the spirit that the Nigeria Airways shall not be allowed to die and in so doing, we wish to re-engineer a subsidiary of the liquidated Nigeria Airways, that is SAHCOL, to resuscitate and give life in a little way in areas like Passenger Handling and Automation, Cargo Handling/Warehousing, Ground Equipment etc.

“In doing so, the relics of the old Nigeria Airways will be put together and as the Bible states, dead bones shall rise again.”
Dr Mahonwu, who said that the company will not let down those who have been behind the bid, said Pan Express has a contingent of well trained and nurtured aviation technocrats who are ever ready to pilot the business effectively and efficiently, with a view to making SAHCOL operate in one hundred percent capacity instead of present 50%.

Pan Express is expected to make instalmental payment within 10 working days from Tuesday, September 1-15, 2009, according to a letter from BPE dated August 31, 2009, and signed by the Director General, Dr Christopher Anyanwu.

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