Austin Laz shareholders approve N2.1bn capital raise for BMT Industries merger
Austin Laz and Company Plc secured shareholder approval at an Extra-Ordinary General Meeting held virtually on June 18, 2026, to raise up to N2.1 billion through a private placement, business combination, merger or hybrid structure. The resolutions, filed with the Nigerian Exchange on June 23, empower the board to issue new ordinary shares at N5.00 each - a 42% premium to the June 24 market price of N3.52 - and to set terms, select investors and appoint advisers. The approval formalises a previously disclosed plan to merge with Building Materials Technology Industries (BMT Industries), a South-South and FCT-based builder of glazed roofing sheets, PVC windows and suspended ceilings that reported N3 billion in assets and N1.6 billion turnover in 2025. If fully subscribed at N5.00, the raise would issue up to 420 million new shares, diluting existing holders but potentially boosting earnings through BMT’s integration. The company’s market capitalisation stood at N3.8 billion on June 24, with about 1.08 billion shares outstanding. All steps remain pending regulatory clearance from the Securities and Exchange Commission and the Nigerian Exchange, and the timeline hinges on the pace of those approvals.