Med-View Airline Gets Shareholders Nod to Raise Fresh Capital

Shareholders of Med-View Airline Plc on Wednesday gave approval to the directors to raise fresh funds from the capital market to boost its operations. The approval for the new capital was given by the shareholders at the annual general meeting (AGM) in Lagos. Specifically, the shareholders authorised the board of directors to offer for subscription a total of 2,249,350,600 ordinary shares of 50 kobo each at a price to be determined by the directors acting in the best interests of the company.

It is believed that the funds would boost efforts by the airline to improved on its operations through the acquisition of new planes. The Chairman of the Med-View Airline, Sheik Abdul-Mosheen Al-Thunayan in his address to the shareholders said the company is in quest to compete with the best airlines around the world is in negotiations to acquire two modern aircrafts (B777- 200Er and B737-800) for its international/intercontinental flights operations.

“A combination of stable internal growth and increasing exposure to new investments opportunities gives the board confidence as to Med-View Airlines’s future prospects. In am indeeded delighted at the milestones achieved in 2017 and I am sure you are also happy to be part of this company. I will like to thank you, my fellow shareholders, for your trust and continued support. I urge you not to relent in supporting us, as the board and management shall continue to work for the progress of your company,” the chairman said.

Speaking on the financial performance, the Managing Director/Chief Executive Officer of Med-View Airline, Alhaji Muneer Bankole said lack of adequate government support for the aviation sector and the slow recovery of the country’s economy from recession still an impediment for the rapid gorwht of the aviation industry.

This, he said had its toll on the company’s operational activities. However, Bankole said the challenges notwithstanding, Med-View Airline performed well.

He said revenue increased from N26.04 billion in 2016 to N36.91 billion in 2017.

“The profit before tax increased from N840 million in 2016 to N1.50 billion at the end of 2017. The company is firmly on the path of improved performance, sustained growth, profitability and adequate returns to all stakeholders within the shortest possible period of time,” he said.

Looking ahead, Bankole said the company expect 2018 to be a year that will provide it with the opportunities for growth and investment and within which it shall consolidate on its past achievements.