Austin Laz and Company Plc has received shareholder authorisation to raise up to **N2.1 billion** in fresh capital through a private placement, business combination, merger, or a hybrid of these structures.
The resolutions were passed at an Extra-Ordinary General Meeting held virtually on June 18, 2026, and disclosed in a filing with the Nigerian Exchange on June 23, 2026. The filing was signed by Company Secretary Chukwudi A. Ofor of Ifeanyi Ofor & Associates.
The EGM outcome formalises shareholder backing for a transaction first announced on February 3, 2026, when Austin Laz disclosed it was in advanced discussions with **BMT Industries (Building Materials Technology Industries)** over a major investment that would see BMT emerge as a core investor in the enlarged entity.
Shareholders approved eight resolutions at the EGM, collectively authorising the board to pursue, structure, and execute the capital raise with full discretion over terms, timing, and investor selection. The company is authorised to raise up to N2.1 billion through a private placement, business combination, merger, or hybrid structure. New shares will be issued from the company's unissued authorised share capital and will rank pari passu in all respects with existing ordinary shares. The board is authorised to allot new ordinary shares at **N5.00 per share**, or at such other price as determined, to one or more investors in tranches on terms set by the board.
The board has full authority to finalise terms and timelines, negotiate with and approve the list of potential investors, and appoint all professional parties required for execution. It is mandated to seek regulatory approvals from the **Securities and Exchange Commission** and the **Nigerian Exchange Limited** and to comply with all applicable regulatory directives. The Company Secretary is authorised to effect necessary amendments to the company's Memorandum and Articles of Association at the Corporate Affairs Commission to reflect changes in the share capital structure.
Shareholders also ratified all steps already taken by the board in connection with the proposed capital raise, confirming that preliminary groundwork — including possible investor engagement and professional appointments — was already underway before formal shareholder authorisation.
