Austin Laz Plans Expansion, Aims to Raise N2.1 bn in Capital

Felix Omoh-Asun in Benin

Shareholders of Austin Laz and Company Plc. have authorized the Board of Directors to raise an additional N2.1 billion, or its equivalent, through a private placement.

The resolution states that the terms and conditions of the capital raise will be determined by the directors and may be pursued through a business combination, merger, or hybrid structure. The shareholders approved the directive at an extraordinary general meeting held at the company’s headquarters in Benin City.

Under the resolution, shareholders who voted unanimously empowered the directors to issue new shares from the company’s unissued share capital.

After the resolution, Chairman of the Board, Mr Christopher Itua, described the authorization as commendable, adding that the share‑capital increase would position the company among the country’s leading firms.

Managing Director and Chief Executive Officer, Dr Austin Lazarus Asimonye, said the resolution was a positive step that would help turn the company around. He explained that the extraordinary general meeting was intended to authorize the board to use the new capital for an investment or merger, allowing the company to acquire a stake in another thriving business.

“We are very hopeful that the company will turn around significantly, which will bring joy to investors, shareholders, and the country at large,” he added.