Home News NSE admits Austin Laz’s 1.08bn shares

NSE admits Austin Laz’s 1.08bn shares

by Business News Report

The Nigerian Stock Exchange (NSE) on Wednesday admitted Austin Laz Company Plc on its official list, listing 1.08 billion ordinary shares at N2 per share. The NSE Chief Executive Officer, Mr Oscar Onyema, commended the company for its decision to go public. He said that more companies would be listed in 2012 going by the available signals, urging other indigenous companies to toe the same line.
Prof. Pat Utomi, the Chairman of Austin Laz, advised that the country should focus on the development of manufacturing and agricultural sectors for meaningful development of the economy. Utomi said that the company would contribute its quota toward ensuring that the manufacturing sector was revived. Also, Dr Austin Asimonye, the company’s Chief Executive Officer, said that the move would afford the company the much-needed leverage to expand its activities.
Asimonye said that the listing would also give the company more visibility and enable it to achieve its objective of being a leading indigenous manufacturing company in the country. He said that it would seek fresh capital for the construction and expansion of the factories and administrative buildings. Asimonye said that the additional capital would also be used for the construction of a new factory for the royal metro tile roof production at Asaba and Abuja. He said that the company would ensure enhanced returns to all its stakeholders through the maximisation of investment opportunities. The company was founded in 1982, with eight offices in Mushin, Ikeja, Sango-Ota, Port-Harcourt, Asaba, Aba, Benin and Abuja, while Benin doubles as the Head

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