Godsmart expands shareholding in NAHCO to 26.95%
In its quest to diversify its investment into the aviation industry, Godsmart Nigeria Limited, the single majority shareholder of Nigerian Aviation Handling Company Plc, has expanded its shareholding in the aviation services firm to 26.95 percent.
The expansion followed a transfer of all 97.45 million ordinary shares of Lufthansa Commercial Holding Gmbh, which represents 6 percent shareholding in NAHCO, to Godsmart Nigeria Limited.
This came barely six months after Godsmart purchased 16.7 percent ordinary shares of NAHCO from some shareholders through trading on the Nigerian Stock Exchange (NSE) to become the single largest shareholder of the company.
According to Godsmart, it looks to expand into the aviation industry as part of its current vision of expanding its presence in the global corporate world.
Data from the Nigerian Stock Exchange (NSE) show that the transaction was executed on Thursday, December 28, 2018 as NAHCO recorded an unusual surge in volume and value of shares traded, rising to 98.54 million units and N413.24 million from 177,570 million units and N641,750 in the preceding day respectively.
As a result, shares of NAHCO jumped 1.39 percent to N3.65 after the close of business on Thursday, December 28 but shed 4.11 percent to N3.50 on Tuesday, January 2, 2019.
The Board of Directors of NAHCO recently appointed Olatokunbo Adenike Fagbemi, a former Non-executive Director, as Acting Group Managing Director of the company with effect from December 20, 2018. Fagbemi’s appointment followed the resignation of Idris Yakubu from the company.
Results of nine-month ended September 2018 show the company grew revenue by 25 percent from N7.25 billion compared with N5.79 billion recorded in the corresponding period of 2017.
Likewise, profit after tax rose to N601.31 million in the review period as against N287.45 million posted in the same period of 2017, this is despite a 168 percent increase in its income tax expense to N130.53 million.
NAHCO is a Nigerian diversified enterprise with interests in aviation cargo, aircraft handling, passenger facilitation, crew transportation and aviation training.
Godsmart Nigeria Limited was founded in year 1998 and is a fully Nigerian owned company. Besides its recent investment in the aviation services firm, the company provides furniture solutions, image technology and security systems.