Jaiz Bank, Medview Airline to list on NSE

Jaiz Bank and Med-View Airline have both received the approval of the Quotations Committee of the Nigerian Stock Exchange (NSE) to list their shares on the Exchange.

In a report obtained by our correspondent, Jaiz Bank, Nigeria’s first non-interest bank, applied to the NSE to list by introduction 29.5 billion ordinary shares of 50 kobo each at N1.25 each. Finmal Finance Services and Kundila Finance Service are the company’s stockbrokers, while issuing house and financial advisers are Finmal Finance Services and Inverness Wealth Management.

Jaiz Bank, Nigeria’s only full-fledged Islamic Bank, recently obtained approval from the Central bank of Nigeria for a national operating licence to enable it to operate all over the country.

The bank plans to increase its current capital base from N15 billion (USD$75 million) to N25 billion (USD$ 125 million). The bank said this upgrade will enable it to position itself towards the actualisation of its vision of serving the sub-Saharan African markets effectively in one of the most thriving sectors of the African economy.

On the part of Med-View Airline, its application to list 9.8 billion ordinary shares of 50 kobo each at N1.50 each, was also approved by the Quotations Committee. This represents a start-off market capitalization of about N14.7 billion. Trust Yields Securities and Kedari Capital would be working with the board of Med-View Airline to facilitate the listing.

The listing will be 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 as the market condition improves.

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

Med-View Airline started in 2007 and has grown to become an emerging major domestic airline. The coming of Med-View airline into the Nigeria scene came with Hajj operations that year 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 flight to Saudi Arabia and those stranded in Saudi Arabia during inbound flight to Nigeria.

Med-View Airline’s second participation in pilgrims airlift in 2008-2009 Hajj operations witnessed another commendable performance and it also carried out rescue operations for 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 two Boeing 737-400 aircraft. It added another Boeing 737-800 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 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.