History is about to be made as a wholly Nigerian manufacturing company, Austin Laz and Company Plc, is concluding arrangements for listing on the Nigerian Stock Exchange (NSE).The company, with specialty as manufacturer of industrial and consumers goods is a conglomerate operating four divisions (refrigeration, Thermoplastic, Aluminium and Building materials), is currently raising N1.5 billion bond to finance its expansion programme.The Chief Executive Officer of the company, Dr. Austin Asimonye, explained that having been in operation for many years, high demand for its products has necessitated an expansion that needed to be adequately funded, hence the decistion to access the capital market.'We have good products that are enjoying very good patronage. We manufacture ice block making machines, thermo-electric coolers, air conditioners and refrigerators, aluminuim roofing sheets/coils of different colours and gauges, PVC doors/windows, PVC ceiling tiles and Royal Metro roofing tiles among others. These are products that are in high demand given the efforts we put in to ensure high quality. But we need funds to because we are expanding very fast. That is why we are raising N1.5 billion bond and embarking on listing on the NSE by introduction,' he said.Asimonye, who is also the National Vice President of Manufacturers Association of Nigeria (MAN), (Western Zone,) noted that growing technological innovation and breakthrough in design, fabrication and modernization of factory buildings and new machinery equally informed the expansion drive.'The expansion will also enable us to take advantage of government policy on the importation of over-aged refrigerating equipment and the higher demand for local fabricated products. We are also tapping into the ever expanding market for the real estate sector in Nigeria where our Royal Metro Tile Roof, PVC windows and PVC ceiling and Aluminium Longspan Roofing Sheet are in high demand,' he said.Asimonye expressed confidence that Austin Laz would be well received in the capital market as investors stand to gain significantly in the years ahead.'We have the right products. We have been in the industry for over 15 years. We have grown the company from a very humble beginning to the state where it is right now. We have grown it using our refrigeration factory to fund others. We have I grown it from one production factory to four production factories. The important thing is to have the right products that are needed in the market. The demand for our products is what is driving our expansion. Nigerian investors are wise because they know the right company to invest in. We are not in the financial sector. We are in the real sector manufacturing products that are in high demand. I am therefore, confident the company will do well on the Exchange,' he said.Austin Laz currently has its head office in Benin, Edo State and many of Nigeria's major cities such as: Lagos, Abuja, Yenegoa, Aba, Port Harcourt, Asaba, Ibadan etc.But the CEO said that the business expansion would lead to the construction of new factories for the Royal Metro Tile Roof production at Asaba, Delta State and Abuja.
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