Austin Laz Company PLC to Raise N2.1bn for Expansion

Austin Laz Company PLC is set to raise N2.1 billion in capital through a private placement, as approved by shareholders during an extraordinary general meeting held at the company's headquarters in Benin City. The resolution received unanimous support, empowering the board of directors to issue new shares.

Mr. Christoph Itua, the chairman of the board, described the authorization as laudable.

Dr. Austin Lazarus Asimony, the managing director and chief executive officer of the company, stated that this step is a significant move towards turning the company around for better performance.

The capital raised will be utilized for business expansion, potential mergers, and investments, with hopes of attracting more investors and enhancing shareholder value.