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Skyway pays N5.52bn balance to acquire SAHCOL

By Ifeyinwa Obi

The National Council on Privatization (NCP), has ratified Skyway Aviation Handling Company Limited, a subsidiary of Sifax Limited  as the core investor in Skypower Aviation Handling Company Limited (SAHCOL), after full payment of its N5.52 billion bid for the company.
Head of Public Communications at the Bureau of Public Enterprises (BPE), Mr. Chigbo Anichebe, said in a statement last Thursday that Skyway last month paid a deposit N1.6 billion and settled the balance by the deadline of October 29, 2009.

Anichebe said that SAHCOL was offered to Skyway Aviation Handling Company Limited, after the preferred bidder, Eraskorp Consortium and the reserve bidder, Pan Express Services, failed to make payment at the deadline as stipulated in the terms of sale made to them.
Eraskorp had bid N13.4 billion ($87 million) to beat five other firms in a June privatization exercise. Pan Express was the reserve bidder, with an offer of N10.4 billion.
Anichebe said that the Federal Government was divesting its 100% stake and management control of SAHCOL, which was cleared for privatization in August 2008.

He said the 100 per cent equity is to be divested to the core investor but in a few years after the takeover, it is expected that 49 per cent interest will be divested to the Nigerian public under the supervision of BPE at a time that will be mutually agreed upon in the Share Sales Purchase Agreement.


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