Austin Laz Company PLC to Raise N2.1bn via Private Placement

Austin Laz Company PLC is set to raise N2.1 billion through a private placement, as approved by shareholders during an extraordinary general meeting held in Benin City. The resolution, which received unanimous support, empowers the board of directors to issue new shares at a price of N5.00 each.

Christoph Itua, the chairman of the board, emphasized the necessity for the company to restructure to enhance its competitiveness in Nigeria's industrial sector. The restructuring aims to identify core investors who can provide expertise and financial resources to help turn around the company.

Dr. Austin Lazarus Asimony serves as the managing director of the company, which is known for products such as block machines, insulated coolers, and aluminum long-span roof sheets. The extraordinary general meeting was a crucial step towards authorizing the board to pursue capital investment and potential mergers to ensure the company's growth and sustainability.