Champion Breweries Plc is raising funds for the acquisition of the Bullet brand, a carve-out structure that the management says will provide immediate scale and foreign exchange earnings without heavy upfront investment.
Champion Breweries Plc recently announced the commencement of its N16 billion Rights Issue, designed to fund the acquisition of the Bullet brand portfolio, a ready-to-drink beverage line.
The Rights Issue, approved by the Securities and Exchange Commission (SEC) and the Nigerian Exchange Limited (NGX), opened on November 24, 2025 and will close on January 5, 2026.
What management is saying
In a company statement seen by Nairametrics, Group Managing Director of EnjoyCorp, David Butler, emphasized the strategic benefits of the acquisition, adding that it will position the company for accelerated pan-African expansion.
“This Rights Issue reflects Champion’s continued commitment to disciplined, sustainable growth,” he said.
“The Bullet asset carve-out structure will provide immediate scale and FX earnings without heavy upfront investment. Our existing shareholders remain central to this transition.”
He said the acquisition of Bullet is expected to accelerate Champion’s transformation into a diversified, export-enabled beverage company, enhancing earnings capacity and expanding its consumer base across Africa.
Shareholders’ participation
Managing Director of Champion Breweries Plc, Dr. Inalegwu Adoga, highlighted shareholder engagement:
“We’re pleased with the progress of our Rights Issue and the strong engagement from our shareholder community. This exercise gives existing investors the opportunity to participate directly in Champion’s next chapter — combining nearly 50 years of heritage with a fast-growing pan-African platform.”
Offer details
Key terms include:
- Offer Size: N15.9 billion
- Structure: 994,221,766 Ordinary Shares of 50 kobo each
- Price: N16.00 per share, payable in full on acceptance
- Basis of Allotment: 1 new share for every 9 held
- Listing Venue: Nigerian Exchange Limited (NGX)
The statement said eligible shareholders have received Provisional Allotment Letters and Participation Forms via Africa Prudential Plc, the Registrar, and may apply through authorised Receiving Agents or electronically via the NGX Invest platform.
More insight
Last week, Nairametrics reported that the offer is based on a one-for-nine basis, meaning that for every nine shares currently held, shareholders are entitled to purchase one new share.
Despite the higher-than-market offer price, the issue represents an opportunity for shareholders to gain exposure to Champion’s ambitious growth strategy.
The acquisition of Bullet could propel the company into the rapidly expanding ready-to-drink market, especially appealing to younger, health-conscious consumers; improving its bottom-line performance.
Champion Breweries has shown strong growth, with a 5-year CAGR of 39% and a 150% surge in 9M 2025 profit compared to 2024.
What you should know
In February 2024, EnjoyCorp Limited, a holding company specializing in food, beverage, and hospitality brands, agreed with Heineken B.V. to acquire 100% of its shareholding in The Raysun Nigeria Company Limited.
The Raysun Nigeria Company Limited, in turn, holds an 86.5% stake in Champion Breweries Plc, a prominent regional brewer listed on the Nigerian Exchange Limited (NGX).
