Med-View Airline (VL, Kano) is planning to list on the Nigerian Stock Exchange after it secured approval from the bourse's regulatory committee official documents seen by The Nation newspaper have indicated.
According to the report, Med-View Airline Plc will have a share capital of 9.75 billion ordinary shares with a nominal value of NGN0.50 naira each. Shares will be offered at a value of NGN1.50 each implying a market cap of NGN14.625 billion (USD46.5 million).
The listing will be done by way of introduction initially although the carrier may pursue a formal IPO later on provided market conditions prove conducive.
Local Nigerian investment firms Trust Yields Securities Limited and Kedari Capital Limited are said to be working with the airline's board as advisors.
The listing is expected to occur during the first quarter of this year.
Last year, Arik Air (W3, Lagos) Managing Director Chris Ndulue said his airline was considering pursuing a USD1 billion IPO via the Nigerian and London stock exchanges this year. Funds raised would go towards the airline's Boeing (BOE, Chicago O'Hare) order backlog as well as other growth plans, he said.
(culled from www.ch-aviation.com)
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