24 Years After: Medview Airline To Be Listed On NSE Tuesday

* Source : www.360nobs.com

 

Medview Airline will be “Listed by Introduction” on the Nigerian Stock Exchange (NSE) on January 31, 2017, the first airline to list its shares on the local bourse in the last decade.

The listing is coming barely 24 years after moribund ADC Airlines was listed on NSE. ADC Airlines was listed in 1994.

The Executive Director, Business Development, Medview Airline, Isaq Na-Allah, who disclosed this in an online statement, said that the growth projection and market forecast informed the airline’s decision to be listed on the Nigerian Stock Exchange to give members of the public the opportunity to be part of the airline through share holding.

He further revealed that Kedari Capital Limited and Trustyields Securities Limited are the Financial Advisers/issuing House and Stockbrokers to Medview Airline in respect of the Listing exercise

Medview Airline christened,” The Airline of Nigeria”, started from a humble beginning 12 years ago as a cargo, tour and charter operator.

Not contented with tickets and destination sales, the airline ventured into Hajj operations.

The airline’s forays into pilgrims airlift has revolutionised pilgrims handling and airlift in Nigeria and the West African sub-region.

Today, Medview is the benchmark and the airline of choice when it comes to Hajj operations in Nigeria and it is ranked number one by the National Hajj Commission of Nigeria (NAHCON) for hitch-free Hajj operations.

Propelled by the success of Medview Travel and Tours, Hajj operations, charter flights, the airline upped the ante by assembling a team of hard core and tested professionals and went into scheduled operations in 2012 starting with domestic routes.

Just within four years, the airline has become a household name in the aviation industry and within this short period, the airline has eight destinations: Lagos, Abuja, Port Harcourt, Kaduna, Yola, Enugu, Owerri and Maiduguri on its domestic network  and had flown over 2 million passengers.

To its credit, the airline has recorded a steady growth of 20 per cent in turnover and this gave it the confidence to go international and now operates flights to London, Jeddah, Accra, Monrovia and Freetown.

Speaking further the Executive Director said that the airline has secured all necessary approvals to link all the countries in the Economic Community of West African States (ECOWAS) in the next few months.

Also on the front burner is expansion on the international routes to United States via Baltimore, United Arab Emirates via Dubai with connections to Europe and the Far East through a code share airline partner.

In recognition that aviation is global, the airline is in partnership with notable brands including Boeing Commercial Airplane Group, Hahn Air, Air Atlanta, Saudia Cargo, Ethiopian Airlines, Euro Atlantics, Amadeus, among others.

He added that the airline holds the necessary certification as a full-fledged carrier including Air Transport Licence (ATL), Air Operators Certificate (AOC), Air Carrier Permit (ACP) and the International Organisation Safety Assessment (IOSA) issued by the International Airlines Transport Association (IATA).

According to the airline, the listing will enable it expand its routes network and acquisition of more aircraft to boost operations

Summary of passengers’ statistics released by the airline showed that the airline has carried over two million passengers on the domestic routes, over 200,000 passengers on the international routes, airlifted 300,000 pilgrims for Hajj since 2007 and has carried 46 million tonnes of cargo annually since 2009

Abelnewsng.com recalled that Aviation Development Company (ADC) PLC was established in December 1984 and in 1990 the company set up ADC Airlines, which became operational on January 1, 1991.

In 1994 the airline was listed on the Nigerian Stock Exchange (NSE) becoming the first domestic airline to be so listed

The airline operated flights to Calabar, Port Harcourt, Lagos, Abuja and Kaduna and regional services to Monrovia in Liberia, Freetown in Sierra Leone, Conakry in Guinea, Banjul in Gambia and Accra in Ghana.

Despite being listed on NSE, ADC Airlines was among the airlines that could not fulfil the conditions when the Federal Government set a April 30, 2007 deadline for all airlines operating in the country to re-capitalise or be grounded, in an effort to ensure safety and better services.

 

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