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Home Companies Corporate deals

Major shareholder splashes N4.95 billion on additional shares of Champions Breweries Plc

Omokolade Ajayi by Omokolade Ajayi
January 10, 2021
in Corporate deals, Stock Market
Champion Breweries Plc appoints new Managing Director 
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The Management of Champions Breweries Plc has disclosed that a major shareholder of the company, The Raysun Nigeria Limited, has purchased additional shares of the brewery company, worth N4.95 billion.

This disclosure is contained in a notification of share dealing by insiders, issued by the Company Secretary, Chief Tosan Atle Aiboni.

READ: Allianz Nigeria Insurance Plc delists shares from NASD

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  • The Raysun Nigeria Limited purchased 1,903,609,538 ordinary shares on 7 January 2021 on the floor of the Nigerian Stock Exchange, at a price of N2.60 per share.
  • This puts the total consideration for the shares purchased by the major shareholder at N4,949,384,798.80

READ: DF Holdings spends N555.3 million on additional AIICO shares

Why this matters

Dealings by insiders of listed companies are corporate actions to be disclosed, as required by the Nigerian Stock Exchange, which aids transparency.

READ: This brewer keeps struggling to win as Nigeria’s beer war rages on 

The purchase of the shares by The Raysun Nigeria Limited cements the position of the company as a substantial shareholder of the company and shows its confidence in the long-term fundamental strength of the company in 2021 and beyond.

READ: Champion Breweries Plc appoints new Managing Director 

What you should know

  • Champions Breweries Plc is yet to comply with the free float requirements of Nigeria’s Stock Exchange (NSE).
  • In a bid to ensure compliance by the company, the Nigerian Stock Exchange (NSE) in 2019 granted the Company additional two (2) years grace period to comply with the 20% free float requirements of the Exchange. This extension was subject to the Company holding a “facts behind the figures” session to brief the market of its plans to cure its free float deficiency and submitting quarterly compliance reports to the Exchange.

READ: Chevron to sack 25% of its workforce in Nigeria


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Tags: AIICO Insurance - NewsBusiness NewsChampions Breweries PlcThe Raysun Nigeria Limited
Omokolade Ajayi

Omokolade Ajayi

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor.

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