In the past few days, Medview Airlines Plc has witnessed heavy trades in its shares. About 350 million shares valued at N728 million have been traded in the last 7 trading sessions.
On Monday, 16th of July, 100,001,380 shares valued at N198,379,058 were traded in 7 deals. On Thursday, 19th of July, 50,000,000 shares valued at N102,245,000 were traded.
On Friday, 20th of July, 100,000,004 shares valued at N214,000,008 were traded in 4 deals. 100,000,001 shares valued at N214 million were traded yesterday, Monday, 23rd of July, in 4 deals.
In today’s trading session, 100,006,000 shares valued at N210,513,200 were traded.
On the 24th of May, Medview sent a notice to the NSE, intimating it of a planned investment by Avmax, a Canadian firm. This would enable the airline to expand its fleet.
NSE rules mandate companies to disclose when trades amounting to 5% or more of their issued share capital takes place. Medview has a share outstanding of 9.7 billion, thus indicating that the investor had acquired about 3.58% of the company’s issued shares.
Figures from the company’s 2017 annual report show that the two largest individual shareholders were:
Abdulmohsen Al-Thunayan, a Saudi prince with 3,510,000,000 shares or 36% of issued share capital. Muneer Bankole, the founder with 3,858,000,000 shares or 40% of issued share capital.
Medview closed flat at N2.14 in yesterday’s trading session. Year to date, the stock is up 7.54%.
Results for the first quarter ended March 2018 show that gross revenue fell sharply from N7.6 billion in 2017 to N3.5 billion in 2018. Profit before tax also dropped sharply from N745 million in 2017 to N264 million in 2018. Profit after tax also fell from N691 million in 2017 to N210 million in 2018.
By Onome Ohwovoriole
Source: nairametrics.com
