Benin, 22 April, 2025
CURRENT OPERATIONAL STATUS OF AUSTIN LAZ & CO. PLC. (FIRST QUARTER OF 2025)
Austin Laz & Company Plc (Austin Laz or the Company) wishes to notify Nigerian Exchange Limited and the investing public that towards the end of the last quarter of 2024, the Company experienced a major breakdown of its machines. This breakdown imparted negatively on its production, creating a zero turnover in the whole of 1stquarter of 2025.
Efforts made to fix the machines:The Company stated that its machines are mainly sourced from China and the moulds and accessories as well as some vital consumables are sourced from China too adding that paucity of funds coupled with high exchange rate have combined to make all the Company's efforts unfruitful.
However, the Company has been able to re-establish contacts with its Chinese machine manufacturers with a view to open talks towards resolving the challenge of repairs. In the interim, the machines have remained idle and non-functional.
The consequence of the machine breakdown since middle of December 2024, coupled with unavailability of funds have kept the factory non-functional in the interim.
The machines remain unfixed, as all efforts to locally source for spares have yielded no positive outcome.
Austin Laz is making efforts to repair the machines and hope to report on the progress made so far before the end of the second quarter of this financial year.
Thank you.
Ifeanyi Offor Esq Company Secretary