Tuesday, 26 June 2018

AMCON PLANS TO SELL OFF SHARES IN AERO CONTRACTORS

The Asset Management Corporation of Nigeria (AMCON) is set to divest its interest in Aero Contractors, the Chief Executive Officer of the airline, Capt. Ado Sanusi, has confirmed. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html

“The Asset Management Corporation of Nigeria has a plan to divest its shares in Aero Contractors and I think they have been doing that with more investors and that is what they want and that will be done very soon,” Sanusi said.

He was quoted to have said this at a tourism fair, Accra Weizo, in Accra, Ghana, where he won the Balafon award as Aviation Man of the Year (West Africa) in recognition of his efforts towards resuscitating the airline.

Earlier this month, there were reports that AMCON planned to dispose of some of its assets this year, including Arik Air, Aero Contractors and Peugeot Automobile Nigeria, among others. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html

AMCON had in 2016 taken over the management of Aero Contractors after it dissolved the board of the company. The corporation had stated that the decision to take over the management of the company was in furtherance of its responsibility of acquiring eligible bank assets and putting them to economic use in a profitable manner.

Upon the acquisition, AMCON became both the majority shareholder and creditor of Aero Contractors and appointed Sanusi as its receiver-manager. (Punch)

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