Firm launches N42 billion offer to fund expansion

By : Benjamin Alade

Date: 9 January 2026 4:24am WAT

Share :

Champion Breweries Plc

Champion Breweries Plc

Champion Breweries Plc has opened a N42 billion public offer of ordinary shares at N16 per share, marking a major step in the company’s two-phase capital-raising programme and its push for regional expansion.

The offer, which opened on 8 January 2026, followed approvals by the Securities and Exchange Commission (SEC) and Nigerian Exchange Limited (NGX).

The offer is open to both institutional and retail investors and represents the second phase of the firm’s capital raise, coming after a successful N15.9 billion rights issue to existing shareholders.

Proceeds from both exercises will be deployed to support the acquisition of the Bullet brand portfolio and strengthen Champion’s growth strategy across Africa.

Under the offer, it is issuing 2.625 billion ordinary shares of 50 kobo each, payable in full on application. The offer will close on 21 January 2026, with its shares to be listed on the NGX.

Access Bank has been appointed as the receiving bank, while applications can be submitted through approved receiving agents listed in the prospectus or electronically via the NGX Invest.

According to the company, net proceeds from the Public Offer and Rights Issue will fund an asset carve-out acquisition of the Bullet brand portfolio. This transaction will transfer ownership of Bullet’s brands, trademarks, recipes and commercial rights across its African markets to Champion. Additional proceeds will support working capital needs and growth initiatives, including route-to-market expansion, marketing, product innovation and capacity enhancement.

Bullet is positioned as Nigeria’s leading ready-to-drink alcoholic beverage and one of the top energy drink brands in its operating markets. The brand is currently sold in 14 African countries and generates a significant share of its revenues in foreign currency, offering Champion a natural foreign exchange hedge and a scalable platform for regional growth.

Champion Breweries has recorded strong financial momentum in recent years. Revenue grew from ₦12.7 billion in 2023 to ₦20.9 billion in 2024, while net profit more than doubled from ₦370 million to ₦817 million over the same period.

The upward trend accelerated in the first half of 2025, with the company posting ₦15.9 billion in revenue and ₦2.3 billion in net income, its strongest half-year performance to date.

Commenting on the offer, Managing Director of Champion Breweries Plc, Dr Inalegwu Adoga, said the transaction provides investors with an opportunity to participate in the company’s next phase of growth. He noted that the planned Bullet acquisition combines Champion’s nearly five decades of brewing heritage with a proven pan-African ready-to-drink and energy drink platform.

Also speaking, Group Managing Director of enJOYcorp, David Butler, described Champion’s growth story as one anchored on disciplined execution and efficient capital deployment. He explained that the asset carve-out structure for Bullet is designed to unlock foreign currency earnings and enable rapid scale-up without the need for heavy upfront investment in new production facilities.

The Public Offer is being led by Rand Merchant Bank Nigeria Limited as Lead Issuing House, alongside a consortium of Joint Issuing Houses including FBNQuest Merchant Bank, FCMB Capital Markets, CardinalStone Partners, Greenwich Merchant Bank, Chapel Hill Denham Advisory, Comercio Partners Capital and Fortress Capital. Africa Prudential Plc is serving as Registrar to the Offer.

Champion Breweries Plc is a publicly listed Nigerian beverage company with close to 50 years of operating history and a portfolio that includes Champion Lager and Champ Malta. A member of the enJOYcorp Group, the company is focused on scaling African consumer brands across regional and global markets. Upon completion of the Bullet acquisition, Champion is expected to operate across multiple beverage categories and 14 African countries.

Prospective investors are advised to review the Prospectus carefully and seek professional advice from their stockbrokers, bankers or investment advisers before making an investment decision.

Tags: