The Bureau of Public Enterprises (BPE) plans to make Initial Public Offering (IPO) for Indorama Eleme Petrochemicals Limited, Skyway Aviation Handling Company Limited (SAHCOL, 100 per cent owned by the Sifax Group and NICON Insurance Limited.
Some of Nigeria’s privatised state-owned enterprises in which the Federal Government had diluted a significant amount of its equity, may in two months time be listed on the country’s stock market.
BPE Director, Development institution and National Resources, Joe Anichebe revealed that under the plan, the IPO for the Nigerian Machine Tools (NMT), Osogbo, Osun State, will be done next year.
Addressing why it took so long for the Nigerian Government to list the shares of the privatised state-owned enterprises on the Nigerian Stock Exchange (NSE), Anichebe said it was a risk the BPE could not afford, as many of the state-owned enterprises were not profitable.
“You know that the first rule to listing on the Exchange is that you have to be profitable, and we don’t want to risk the money of poor Nigerians by offering IPOs for those companies when they are not being profitable,” Anichebe explained to business editors in Abeokuta during the weekend.