Aero Contractors to offer stake to investors

    Aero Contractors CEO Ado Sanusi said the carrier aims to dispose of a stake in its shareholding capital to an outside party (Daily Trust, 03-Dec-2017). Mr Sanusi stated 19 proposals from local and foreign investors were received, of which six were shortlisted with a further shortlist of a preferred bidder, second bidder and standby bidder planned. Mr Sanusi said the decision to bring in a strategic investor is part of controlling shareholder Asset Management Company of Nigeria‘s (AMCON) turnaround plan for airline. Aero Contractors was 100% owned by the Ibru family before state controlled AMCON secured a 60% stake as part of a debt/equity conversion scheme. In Feb-2016, AMCON exercised its majority shareholder status to replace Aero’s board and conduct a forensic audit of its accounts. Under the turnaround plan, AMCON oversaw improvement of the airline’s operational assets including its MRO unit. Mr Sanusi also confirmed Aero is in talks with Airbus, Boeing and Bombardier, among others, on fleet renewal plans.