Champion Breweries gets shareholder approval for capital raise

Champion Breweries Plc has successfully concluded its Extraordinary General Meeting (EGM) where shareholders approved two groundbreaking resolutions that will propel the company to new heights of growth and market dominance.

The approved resolutions focus on pivotal initiatives that will strengthen Champion Breweries’ operational capacity, improve market liquidity, and ensure full compliance with regulatory standards.

Champion Breweries will issue up to 1,579,058,099 ordinary shares to meet the Nigerian Exchange Limited (NGX) free float requirement. This capital raise will significantly enhance market liquidity, fund essential infrastructure upgrades, expand production capacity, and increase overall operational efficiency.

The company has also received approval to float a N15 billion bond programme and N5 billion series 1 issuance through a specially incorporated funding vehicle. This strategic bond issuance will provide the necessary financial backing for Champion Breweries’ ambitious expansion plans and ensure long-term operational stability.

Read also: Champion Breweries plans public offer by Q1’25

Imo-Abasi Jacob, Chairman of the Board, Champion Breweries expressed his enthusiasm about the resolutions, saying “These approvals represent a bold and necessary step for Champion Breweries as we position ourselves for the next phase of growth. With the backing of our shareholders, we are well-equipped to enhance our operational capacity, meet regulatory requirements, and deliver exceptional value to all our stakeholders. This marks the beginning of an exciting new chapter in our journey”

Inalegwu Adoga, Managing Director/Chief Executive Officer, Champion Breweries, expressed his optimism following the approval. He stated that “Today marks a historic moment for Champion Breweries. With the approval of these resolutions, we are not only ensuring compliance with regulatory requirements but also setting the stage for an exciting future. These steps will allow us to enhance our operational capacity and unlock significant growth opportunities for our stakeholders.”

With the approval of these strategic initiatives, Champion Breweries is poised to reinforce its market leadership, enhance operational efficiency, and create enduring value. This milestone underscores the company’s commitment to innovation and its vision for shaping the future of Nigeria’s brewing industry. Champion Breweries remains steadfast in its mission to provide exceptional value to shareholders, customers, and the broader community.