Champion Breweries Opens N42bn Public Offer To Fund Expansion

Champion Breweries Plc has opened a N42bn public offer of ordinary shares at N16.00 per share, in its next phase of growth anchored on expansion and the acquisition of the Bullet brand portfolio.

The public offer, which opened on January 8 and is scheduled to close on January 21, 2026, follows approvals from the Securities and Exchange Commission and Nigerian Exchange Limited.

According to the company, it comprises 2.625 billion ordinary shares of 50 kobo each, payable in full on application, and the shares will be listed on the Nigerian Exchange upon completion.

The offer represents the second leg of Champion Breweries’ two-step capital-raising programme, coming after a successful N15.9bn rights issue to existing shareholders.

The company noted that the proceeds from both fundraising exercises will be deployed primarily to fund the acquisition of the Bullet brand portfolio through an asset carve-out structure, as well as to support working capital and growth initiatives across the business.

Under the proposed transaction, ownership of Bullet’s brands, trademarks, recipes and commercial rights across its African markets will be transferred to Champion Breweries.

Bullet is Nigeria’s ready-to-drink alcoholic beverage and one of the energy drink brands in its markets of operation.

In addition to the acquisition, the company said the funds will support growth initiatives including route-to-market expansion, marketing, product innovation and capacity enhancement, as it seeks to strengthen its competitive position in Nigeria and other African markets.

Champion Breweries has recorded an improvement in financial performance in recent years. Revenue rose from N12.7bn in 2023 to N20.9bn in 2024, while net income increased from N370m to N817m over the same period.

In the first half of 2025, the company posted revenue of N15.9bn and net income of N2.3bn.

Commenting on the public offer, Managing Director of Champion Breweries Plc, Dr Inalegwu Adoga, said the capital raise provides investors with an opportunity to participate in the company’s growth journey.

He noted that the planned acquisition of Bullet combines Champion’s nearly five decades of brewing heritage with a proven pan-African ready-to-drink and energy drink platform.

Group Managing Director of enJOYcorp, David Butler, described Champion’s strategy as one driven by disciplined execution and efficient capital deployment.

He explained that the asset carve-out structure for the Bullet acquisition would enable the company to unlock foreign exchange earnings and scale rapidly without the need for heavy upfront investment in new production facilities, while broadening investor participation through the public offer.

Applications for the offer can be submitted through receiving agents listed in the prospectus or electronically via the NGX Invest platform.

Access Bank Plc is the receiving bank for the offer.

Rand Merchant Bank Nigeria Limited is acting as the lead issuing house to the transaction, alongside FBNQuest Merchant Bank Limited, FCMB Capital Markets Limited, CardinalStone Partners Limited, Greenwich Merchant Bank Limited, Chapel Hill Denham Advisory Limited, Comercio Partners Capital Limited and Fortress Capital Limited as joint issuing houses.

Africa Prudential Plc is serving as registrar to the offer.