SAHCOL’s Acquisition To Cost N10.4 bn

Pan Express Services, preferred bidder for the Sky Power Aviation Handling Company Limited (SAHCOL) has begun to shop for N10.4 billion to buy into the ground handling firm.

According to the Executive Director of Pan Express, Steve Mahonwu, the company had reached an agreement with its bankers that had agreed to form  a consortium that would pay for the purchase.

He expressed appreciation to the Bureau for Public Enterprise for approving the company as the preferred bidder for SAHCOL maintaining that, “we are quite abreast of the total amount we are to pay which amounts to N10.4 billion, we wish to assure the public that we have made concerted arrangement with our bankers that have agreed to form a consortium of banks to pay this monetary obligation on our behalf”.

“We are not unaware of the present economic quagmire in the administration and management of banks in Nigeria but this is a straight forward and viable business desired by all banks and we have been assured by our bankers that they will rally round us to pay this money, without prejudice to the present economic problems being experienced by various banks,” he added.

On personnel, Mahonwu said Pan Express has qualified aviation technocrats,  who would use their expertise to ensure that SAHCOL operates optimally.