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Home Spotlight

Champion Breweries gain 10% on Heineken takeover reports

Olumide AdesinabyOlumide Adesina
2 years ago
in Spotlight, Stock Market
No trophy for International Breweries after bland Q2 results, Beer Company loses N40 billion in market value in a day
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Champion Breweries stocks rallied high at the mid-week trading session at the Nigerian Stock Exchange.

The medium capitalized stock is up at about 10% at press time on reports suggesting Heineken B.V, the majority core investor in Nigerian Breweries Plc and Champion Breweries Plc, might soon launch a full takeover bid for the minority shares in Champion Breweries.

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

What you should know: At press time, the Brewery stock was trading at N1.12 hitting it’s 52 weeks high, thereby printing a gain of 9.80%, and having a market valuation of about N8 Billion.

Recent data and regulatory filings retrieved from the Nigerian Stock market revealed Heineken, through its wholly-owned Nigerian subsidiary, Raysun Nigeria Limited, acquired N4.95 billion shares from investors to increase its Shareholding in the Akwa Ibom State-based Champion Breweries.

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Tags: Business NewsChampion breweries

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