Champion Breweries Plc has obtained shareholder approval to raise N20 billion through bond issuances, aimed at expanding its operations and strengthening its market presence. The approval was granted at the company’s recent extraordinary general meeting, as disclosed in a statement on Thursday.
The funding includes the issuance of up to 1,579,058,099 ordinary shares to meet the Nigerian Exchange Limited’s free float requirement, which is expected to enhance market liquidity. The company plans to allocate these funds to key infrastructure projects, boost production capacity, and improve operational efficiency.
Additionally, Champion Breweries will launch a N15 billion bond programme, complemented by a N5 billion Series 1 bond issuance through a dedicated funding vehicle. These bonds are designed to provide a solid financial foundation for the company’s long-term growth and operational stability.
Imo-Abasi Jacob, Chairman of Champion Breweries, called the approvals transformative, stating, “These approvals mark a bold and essential step for Champion Breweries as we position ourselves for the next phase of growth. With the support of our shareholders, we are prepared to enhance our operational capacity, meet regulatory requirements, and deliver significant value to all stakeholders.”
Managing Director/CEO, Inalegwu Adoga, emphasized the historic significance of the funding, noting, “This approval sets the stage for an exciting future, enabling us to increase operational capacity and unlock new growth opportunities for our stakeholders.”
With the N20 billion funding secured, Champion Breweries aims to strengthen its position in the market, improve efficiency, and deliver sustained value to shareholders and the wider community. The company had earlier hinted in October about issuing new shares to address the free-float deficiency on the Nigerian Exchange Limited.
