The Nation Newspaper

Tag: Med-View

  • Shareholders approve new capital raising for Med-View Airline

    Shareholders of Med-View Airline Plc have mandated the board to raise additional capital to support its expansion programme.

    At its annual general meeting in Lagos, shareholders unanimously approved a special resolution authorising the board  to raise new capital through debt or equity or a combination of debts and equities through any of private placement, rights issue, public offer and staff share purchase scheme.

    Its Chairman, Sheik Abdul-Mosheen Al-Thunayan, said the company was witnessing the beginning of a new era and urged shareholders and other stakeholders to support the company as the board and management continue to work to develop the company.

    According to him, the growth of the company has continued with accelerated efforts and ahead of its contemporaries as it has been able to spread to various routes across the world from its humble beginning in Nigeria in 2007.

    “We have commenced plans to include Conakry, Douala, Cotonou, Kinshasha, Abidjan and Lome in the second quarter of 2017. Our international route covers Jeddah and London. We are planning to include Dubai, United States of America and South Africa in 2017,” Al-Thunayan said.

    He noted that the airline came at a time that Nigerians were yearning for an airline and Med-View Airline has been the preferred airline by Nigerian, which earned it the nickname “airline of Nigeria”.

    Managing Director, Med-View Airline Plc, Alhaji Muneer Bankole, pointed out that the airline industry is capital intensive, thus access to funds is a major key factor to the survival of any airline.

    According to him, the challenges before the company are to ensure that it improves its performance and move to an era of sustained growth, profitability and adequate returns to all stakeholders within the shortest period of time.

    He assured that the company has been well-positioned to overcome challenges of the business environment citing the quality of its human capital and experience of the directors.

    “We expect 2017 to be a year that will provide us with the opportunities for growth and investment with which we shall consolidate our past achievement, take advantage of the projected growth the Nigerian economy will offer and deliver value to our stakeholders,” Bankole said.

    He expressed optimism that with the right support from all stakeholders, the company will perform better in 2017 as it continues to take advantage of opportunities in the aviation industry.

    Key extracts of the audited report and accounts of the company for the year ended December 31, 2016 showed that turnover rose by 83 per cent from N14.16 billion in 2015 to N25.96 billion in 2016. Profit before tax increased marginally from N830.91 million to N840 million while profit after tax rose slightly from N728.52 million in 2015 to N772.85 million. Total assets rose by 29 per cent from N12.01 billion in 2015 to N15.43 billion in 2016. The company would be paying a dividend per share of 3.0 kobo for the 2016 business year.

  • NSE to list Med-View Airline’s N14.63b shares

    NSE to list Med-View Airline’s N14.63b shares

    The Nigerian Stock Exchange (NSE) will on Jan. 31 list the shares of Med-View Airline Plc by way of introduction.

    A senior official of NSE, who pleaded anonymity, confirmed the listing of the airline’s shares yesterday in Lagos.

    The official said the airline would list 9.75 billion ordinary shares of 50k each at N1.50 per share by way of introduction, indicating a market capitalisation of N14.63 billion.

    According to the News Agency of Nigeria (NAN), the listing by way of introduction implies that Med-View Airline’s shares will be available initially at the secondary market window.

    The official said the carrier would float an Initial Public Offering (IPO) later in the year.

    The airline management said in 2014 that it had commenced discussions to be listed on the NSE.

    Also, the NSE official said Jaiz Bank would in the next couple of weeks join the league of quoted companies on the exchange.

    According to him, the listing of the bank’s 29.46 billion ordinary shares of 50k each at N1.25 per share will also be by way of introduction.

    Commenting on the development, Malam GarbaKurfi, the Managing Director, APT Securities and Funds Ltd., said most operators would be excited by the listings.

  • Med-View Airline to list N15b shares on Stock Exchange

    Med-View Airline to list N15b shares on Stock Exchange

    The council of the Nigerian Stock Exchange (NSE) has given approval to Med-View Airline Plc to list its entire issued share capital on the Exchange, in a move that will see the return of the airlines industry to the stock market after the delisting of the previous carriers.

    Regulatory documents obtained by The Nation at the weekend indicated that the Quotation Committee, which oversees listing at the Exchange, has approved the listing of Med-View Airline.

    Med-View Airline will be listing 9.75 billion ordinary shares of 50 kobo each at N1.50 per share, indicating a start-off market capitalisation of N14.63 billion. Trust Yields Securities Limited and Kedari Capital Limited, two investment firms, were said to be working with the board of Med-View Airline to facilitate the listing.

    The listing will be done by way of introduction, implying that Med-View Airline will be available initially through the secondary market, though the airline was said to be interested in floating its initial public offering (IPO) as the market condition improves.

    A source in the know said the listing of the airline might be in the first quarter of 2017.

    Two other aviation-related companies are listed on the NSE. Airlines Services and Logistics, an in-flight catering company, is currently trading at N2.50 while Nigerian Aviation Handling Company (Nahco), a ground-handling company, trades at N3.16 per share.

    From its humble beginning in 2007, Med-View Airline has grown to become an emerging major domestic airline. The coming of Med-View airline into the Nigeria scene came with Hajj operations in year 2007 shortly after its incorporation, as a litmus-test, and changed the whole concept of pilgrims airlift in Nigeria.

    The remarkable performance in airlifting passengers earlier than expected during Hajj 2007-2008 was said to have impressed the authorities of National Hajj commission (NAHCON), which subsequently called on the newly incorporated airline to carry out rescue operations for pilgrims stranded in Ilorin, Lagos, Sokoto, Maiduguri and Yola during outbound to Saudi Arabia and those stranded in Saudi Arabia during inbound to Nigeria.

    Med-View Airline second time participation in pilgrims airlift, 2008-2009 Hajj operations, witnessed another commendable performance and it also carried out rescue operations for the stranded pilgrims under the auspices of NAHCON. In 2009, Med-view Airline started participating in Umrah (lesser Hajj) operation.

    Med-View Airline commenced domestic operation in November 2012 with a fleet of two Boeing 737-400 aircraft. It added another Boeing 737-800 just a month after.

    “Med-view Airline is an emerging giant in the comity of reputable carriers in Sub-Sahara Africa. Our partnership with Euro-Atlantic Airways of Lisbon, Portugal, coupled with General Sales Agency (GSA) agreement with Saudi Air Cargo, our blossom business relationship with Pluna Air of Uruguay and Air Atlanta of Iceland combined to set a standard in Aviation industry yet to be beaten,” the company stated in its profile.

  • Med-View takes delivery of Boeing 737-500 series aircraft

    Med-View Airline has taken delivery of its Boeing 737-500 aircraft after undergoing a comprehensive check in Estonia.

    The aircraft was received by the airline’s Managing Director, Alhaji Muneer Bankole, on arrival at the Murtala Muhammed Airport Terminal two (MMA2) in Lagos on Sunday.

    NAN reports that the arrival of the aircraft brings the number of airplanes on the airline’s fleet to six, while the new aircraft was immediately deployed for its Accra operations.

    Bankole, who spoke on why the aircraft’s interior was branded in First Bank logo, explained that it was done to appreciate the bank for being its reliable partner over the years.

    He stated that two more aircraft were also expected in the next one month, to enable the airline open up the West Coast, start its Dubai operation and provide a back-up for its London-Gatwick operation, among others.

    Bankole decried the difficulty in accessing foreign exchange by indigenous airlines, adding that he bought the dollar at N370 each, to bring back the aircraft.