By Ndubuisi Michael Obineme
Delaware, USA, June 2nd, 2021 – Labacorp Group Limited, a dynamic Pan African Company today became an Offshore Holding Company in the Republic of Seychelles.
Prior to moving the holding to Seychelles, Labacorp Group was a Delaware (USA) holding company. The re-structuring strengthens Labacorp’s position as an African diversified holding company with strategic investments and core business interests in a variety of industries including manufacturing, real estate, solar energy, agribusiness, and exhibitions with a footprint in Sub-Sahara Africa, North America, and Middle East.
Bako Ambianda, Chairman of Labacorp Group commented: “I am very delighted to announce that Labacorp Group is now an offshore holding company in the Republic of Seychelles. We are now an International Business Company (IBC) with advantages for Labacorp to conduct its international business activities”.
The re-structuring is also in line with Labacorp’s strategy of reinforcing its position worldwide with a focus on Africa. Labacorp Group will have a stronger integrated system to manage and oversee the operations of its member companies. The Group is currently working on transformational projects that address some of Africa’s critical challenges around access to industrialization, sustainable power, affordable housing, digitalization, intra-Africa trade and access to capital.
Labacorp Group is committed to the development and creating a positive impact in Africa, with operations mainly in key sectors that drive growth and economic development and has wholly-owned & majority-owned subsidiaries across the chain of sectors in economic development.