Med View Airlines has joined the league of quoted companies in Nigeria as it listed by introduction 9.75 billion ordinary shares at the rate of N1.50 kobo on the Main Board of the Nigerian Stock Exchange.
The shares listed at the rate of N1.50 kobo added N14.625 billion to the market capitalization of the Exchange and further deepening the capital market.
Addressing the stockbrokers at the Med View facts behind the listing, the Chief Executive Officer of the NSE, Mr Oscar Onyema said that the listing would also increase
the visibility of Med-View Airline Plc and differentiate it as a professionally run airline with high corporate governance standards, having met The NSE’s listing criteria.
He said that with a total market capitalization of N16.18 trillion ($53 billion) across all of our asset classes; far-reaching transformational programmes aimed at improving market access, strengthening and providing products that are aligned to investors’ requirements, while ensuring a fair and orderly market; the NSE is positioned as a premiere listing destination for African corporates, governments and international issuers.
He said that despite the challenging operating environment in the aviation industry globally, the air transport industry continues to contribute about $10 billion to Gross Domestic Product (GDP) of African countries, and its projected that close to six million jobs would be supported by Africa’s air transport sector over the next 20 years. Domestically, he said the aviation industry supports over 255K jobs and contributes more than $1 billion (N304.25 billion) to GDP.
He said that of the total sum, 49 per cent is a direct output of the aviation sector through airports, airlines and ground services; while 51 per cent contributed indirectly by the aviation supply chain. Notably, an additional US$464 million is derived from tourism.
He said that over the past decade, the Nigerian aviation industry has experienced significant challenges leading to the exit or decline of many operators. This according to him has also impacted significantly on passenger traffic for inbound and outbound destinations having peaked at over 15 million in 2014, gradually declining to 11.3 million in 2015 and dropping to 6m in 2016 as a result of the economic downturn.
