Tuesday, October 26, 2021

Med View lists 9.75bn shares at NSE

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Jaafar Jaafarhttps://dailynigerian.com/
Jaafar Jaafar is a graduate of Mass Communication from Bayero University, Kano. He was a reporter at Daily Trust, an assistant editor at Premium Times and now the editor-in-chief of Daily Nigerian.
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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.

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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.

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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.

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