Champion Breweries Plc has secured approval from the Securities and Exchange Commission to raise N42 billion through a public offer of ordinary shares priced at N16 each.
The company disclosed the approval in a corporate filing with the Nigerian Exchange Ltd., confirming regulatory clearance to proceed with the offer.
Under the offer, Champion Breweries is issuing 2.625 billion ordinary shares at ₦16 per share to investors.
The statement said the offer is open to both institutional and retail investors and is designed to strengthen the company’s capital base.
Champion Breweries said proceeds would fund the acquisition of the Bullet brand portfolio and support expansion within Nigeria and other African markets.
The public offer follows the company’s ₦15.9 billion rights issue, which formed the first phase of its two-step capital-raising programme.
The offer opens for subscription on 8 January, and will close on 21 January, according to the disclosure.
The shares will be listed on the Nigerian Exchange Ltd., with Access Bank appointed as the receiving bank.
“Net proceeds from the public offer, together with those of the rights issue, will fund the acquisition of the Bullet brand portfolio.
“It will also support working capital needs and growth initiatives including route-to-market expansion, marketing, innovation and capacity expansion,” the company said.
Managing Director Inalegwu Adoga said, “The opening of our Public Offer invites investors to share in the next phase of Champion’s growth.
“With the Bullet acquisition, we are combining nearly 50 years of brewing heritage with a proven pan-African RTD and energy drink platform.”
David Butler, group managing director of enJOYcorp, said Champion’s progress reflected disciplined execution and smart capital deployment.
“The asset carve-out for Bullet allows us unlock foreign exchange earnings and scale quickly without heavy upfront investment,” the official said.
