Daily Champion (Lagos)
2 November 2009
Paul Ogbokiri — SIFAX Group last week disclosed that it has paid 70 percent balance of the concession fees of Skypower Aviation Handling company (SAHCOL).
It said in a statement that a draft No 00009823 of N3.58 billion drawn from GTB credited to the Bureau of Public Enterprises (BPE) is in fulfilment of the agency's requirement of 70 percent balance of the concession fees which BPE said must be paid within 30 days for the successful bidder to be considered the actual winner by the agency.
Image maker of SIFAX Group Oliver Omajuwa said the organisation has fulfilled the requirement and expects that the BPE will soonest give the company the core-investor letter for SAHCOL.
The statement reads in parts: Exactly 29 days ago, we informed the whole world that our company SIFAX Group through its subsidiary - Skyway Aviation Handling Company Limited beat all other bidders to the acquisition of Skypower Aviation Handling Company Limited, the only surviving subsidiary of now moribund Nigeria Airways by paying 30 per cent of the bid sum of N1.656 billion through Ecobank draft No 0238400012 at the office of the Director General BPE in fulfilment of the Bureau's instruction to meet payment terms within 15 days.
I am once again glad to inform you that at about 09.05am today 29th October, 2009 in fulfilment of BPE's payment terms of making the balance of 70 per cent within 30 working days of the bid SIFAX Group made the balance payment dated October 28, 2009, he stated, saying in view of the payment, SIFAX has successfully acquired SAHCOL
Meanwhile, the Technical Committee of the National Council on Privatization (NCP) at the weekend, said it has approved Skyway Aviation Handling Company Limited the subsidiary of SIFAX Group as the core investor in Skypower Aviation Handling Company Limited (SAHCOL) for having paid the balance of N3.58 representing 70 percent of its bid in the company.
It would be recalled that Skyway had on September, 30, 2009 paid N1, 656,630,000, which represented 30 percent of its N5, 522,100,000 and had until October 29, 2009 to complete the payment.
The Bureau of Public Enterprises (BPE) in a statement by the Head of Public Communication, Mr. Chigbo Anichebe recall that NCP had earlier approved that SAHCOL be offered to the four remaining bidders on the basis of 'willing-buyer, willing-seller', following the failure of both the preferred bidder, Eraskorp Consortium and the reserve bidder, Pan Express Services, to make payment at the deadline as stipulated in the terms of sale made to them.
The four bidders include Skyway Aviation Handling Company; TAK Continental Limited; Moore Associates Limited; and Aviation Handling Partners Limited. The bidders were invited to re-validate their earlier bids or make a fresh bid based on the new reserve price of N5.522billion.
Following an all-party meeting with the four prospective bidders on September 29, 2009, the following bids were submitted as follows: Skyway Aviation Handling Company (N5.5221 billion), TAK Continental Limited (N5.5230 billion), Moore Associates Limited (N5.5230 billion), and Aviation Handling Partners Limited N5.5220 billion
During the bidding exercise between the four companies, the Chairman of the occasion, Mr. Babington Ashaye in explaining the conditions said "whoever pays first will be the winner and the preferred bidder."
He stressed that the total acceptable amount for the enterprise must be fully paid within 30 days from the date of offer, adding however that 30 percent of the bid amount must be paid within 15 days of the offer.
Skyway Aviation Handling Company Limited was the first of the four bidders to make the 30 percent initial deposit as stipulated in the terms of sale and made the final payment on 29th October 2009 which falls within the stipulated 30 days.
The Federal Government is divesting 100 percent of its controlling shares with the intention that after a few years from take-over, 49 percent interest will be divested to the Nigerian public under the supervision of BPE at a time that will be mutually agreed upon in the Share Sales Purchase Agreement (SSPA).
The divestment process by the Bureau of Public Enterprises and the liquidator for Nigerian Airways Limited, Babington Ashaye & Co, began in November 2008, with the National Council on Privatisation (NCP) calling for Expressions of Interest (EOIs) from the prospective core investors.
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