Austin Laz Sets for Expansion, to Raise N2.1bn Capital

Shareholders of Austin Laz and Company Plc have given the green light for the company's Board of Directors to raise an additional N2.1 billion, or its equivalent, through a private placement. This decision was made during an extraordinary general meeting held at the company's headquarters in Benin City.

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The raising of the share capital would make the company one of the best in the country.

The shareholders unanimously voted to empower the directors to utilize the company's unissued share capital for this capital raise. The terms and conditions of the fundraising are subject to the board's discretion and can be executed through various means, including business combinations, mergers, or hybrid approaches.

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The resolutions are a step in the right direction that would turn the company around for the better.

Christopher Itua, Chairman of the Board of Directors, described the authorization as "laudable," expressing confidence that raising the share capital will position the company among the nation's best. Dr. Austin Lazarus Asimonye, the Managing Director/Chief Executive Officer, echoed this sentiment, calling the resolutions a "step in the right direction" that will lead to a significant turnaround for the company.

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The capital is for the company to buy into another flourishing business.

Asimonye further explained that the capital raised is intended for investment or merger purposes, specifically to enable the company to "buy into another flourishing business." He conveyed strong optimism that this strategic move will "turn around greatly" and bring "joy to the investors, to the shareholders, and to the country at large."

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We are very hopeful that the company is going to turn around greatly, which will bring joy to the investors, to the shareholders, and to the country at large.