The Federal Government of Nigeria has divested 100% of its controlling shares and sold the national Skypower Aviation Handling Company (SAHCOL) for $335 million to Skyway Aviation Company.
The Bureau for Public Enterprises (BPE) which sold the company on the privatization policy of the government issued a statement on the sale on Wednesday in Abuja and said however that 49% of the holdings should be sold to the public.
According to the Director General of the Bureau of Public Enterprises (BPE), Dr Christopher Anyanwu, the Share/Sales Purchase Agreement (SSPA) states that Skyway would have taken over the company on December 16.
At the signing of the Share/Sale Purchase Agreement (SSPA) between the core investor and the BPE, Anyanwu charged the new owners to diligently implement the business plan contained in the SSPA.
He also urged the core investor to, at all times, open its doors to the monitoring team of BPE whenever it comes to assess compliance with the SPA.
Skypower, a subsidiary of the defunct Nigeria Airways, had six bidders, including Moore Associates, TAK Continental, Pan Express Services, Eraskorp Consortium, Skyway Aviation, and Aviation Handling Partners.
It was Skyway that was first to meet the payment terms.
Source African Press Agency
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