The Board of Champion Breweries Plc has announced the completion of the acquisition of an 86.5% stake in the company by EnjoyCorp Limited.
This information was disclosed in a company notice to the Nigerian Exchange Limited and the investing public.
The acquisition was executed through the purchase of 100% shareholding in The Raysun Nigeria Limited, which owns the 86.5% stake in Champion Breweries Plc listed on the Nigerian Exchange Group (NGX).
In a statement signed by the Board Chairman, Mr. Imo-Abasi Jacob, it was confirmed that following the approval of the Federal Competition and Consumer Protection Commission, the transaction has been successfully completed, and EnjoyCorp now holds full control of The Raysun Nigeria Limited.
Jacob noted that Champion Breweries Plc will remain listed on the Nigerian Exchange Group (NGX).
He added that EnjoyCorp is dedicated to enhancing the company and increasing shareholder value through strategic initiatives and investments that align with its mission of enriching life’s moments with a diverse portfolio of brands.
The Chairman stated that this acquisition represents EnjoyCorp’s strategic entry into the beverage sector, highlighting the company’s long-term commitment to serving the African consume
“Champion Breweries Plc will be integrated as a cornerstone subsidiary within EnjoyCorp’s expanding portfolio of food, beverage, and hospitality brands.
EnjoyCorp is welcome aboard Champion Breweries Plc, and we look forward to an exciting new chapter of growth and value creation for all its stakeholders, powered by EnjoyCorp’s vision and resources.
Champion Breweries plc is confident that this partnership will unlock new opportunities and elevate our brand to greater heights,” he said.
He noted that the acquisition will strengthen Champion Breweries Plc’s market position and open new avenues for growth and collaboration.
Shareholders of Champion Breweries Plc recently approved the allotment of 559,249,714 unallocated and unissued ordinary shares of 0.50 kobo each, from the company’s authorized share capital proposed by the Board of Directors.
The approval which was granted by the shareholder was part of a special resolution at the company’s 48th Annual General Meeting (AGM) held in Lagos.
These shares according to the company would be distributed to shareholders listed in the company’s Register of Members as of the close of business on May 10, 2024.
The allotment will follow a ratio of one (1) ordinary share for every seven (7) ordinary shares held. The allocation will be financed with N519.1 million from the Company’s Share Premium Account and N40.149 million from the retained earnings.
Shareholders also agreed that upon completion of the issuance process for the 559,249,714 bonus shares, and in accordance with Section 124 of the Companies and Allied Matters Act No. 3 of 2020 (as amended) and the Companies Regulations 2021, the remaining 26,002,286 unissued shares of the Company will be canceled.
Additionally, shareholders authorized the Directors to take all necessary lawful steps required by statute and regulations to implement the cancellation of these unissued shares.
