By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Austin Laz and Company Plc Wednesday projected a dividend payout of N154.209 million to investors of the Company in its 2014 Financial Year End (FYE).
Austin Asimonye, Managing Director (MD) of the Thermo-Electric Cooler manufacturing Company disclosed this in his presentation at the Listing of the Company on the Floor of the Nigerian Stock Exchange (NSE) in Lagos Nigeria.
In the same vein, the Firm also forecast dividend payments to its shareholders of N89.572 million and N120.834 million and for years 2012 and 2013 respectively.
According to Asimonye, Austin Laz is an indigenous and truly Nigerian Company. Her products are purely made in Nigeria and specifically crafted to suit the Nigerian Climate and people.
“The Company, with the support of Nigerians and listing on the Floor of the Exchange will project the Nigerian Nation’s technological and Engineering expertise†he said.
He affirmed that the products of Austin Laz are classified amongst the Fast Moving Consumer Goods (FMCG). “This puts the Company in a vantage position for potential growth†Asimonye said.
He affirmed that the Company is very certain that its shares would be well received by investors and other stakeholders in the Nigerian Capital Market (NCM), “because Austin Laz is in the Real Sector of the Nigerian economy where its products are in high demand†he said.
Asimonye further affirmed that the fund which the Company raised during its recent Bond Issuance would be used to expand its capacities and build more factories.
“The future of Austin Laz is driven largely by the very ambitious expansion plan it has drawn to consolidate on it existing market as well as strengthen its diversification strategy. Specifically, the Company is expanding its production factory for the ice-making machine and refrigeration equipment manufacturing. It is also increasing its capacity in the area of UPVC Smart Roof and PVC Ceiling Tiles production with the construction of a new plant at Asaba, Delta State†Asimonye said.
The Firm currently have a Market share for building materials of about 10% in the Niger Delta zone, 10% in Abuja and for iced-block making and cooling machines, its enjoys 51%.
Austin Laz and Company Plc is an indigenous manufacturer of industrial and consumer products. It is a conglomerate comprising of four major divisions: Refrigeration, Thermoplastic, Aluminum and Building Materials.
The Company was registered with the Corporate Affairs Commission (RC-48127) on 5th July 1982 as an indigenous Refrigeration Engineering, Contracting and Manufacturing Firm.
Click here to read full presentation
