Champion Breweries Meets NGX Free Float Requirement After Successful Public Offer and Rights Issue
- Champion Breweries Plc surpasses NGX's 20% free float requirement, enhancing compliance status and trading activity
- Successful public offer and rights issue boost shareholder base and facilitate strategic acquisition of Bullet portfolio
- Company management expresses gratitude to investors and regulators for support during capital raising process
Champion Breweries Plc has officially met the minimum free float requirement set by the Nigerian Exchange Limited, marking a significant milestone for the beverage company after successfully raising new capital through a public offer and rights issue.
The company disclosed that it has received confirmation from NGX Regulation Limited (NGX RegCo) that its free float has now exceeded the required 20 percent threshold for firms listed on the NGX Main Board.
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With the requirement now met, the Below Listing Standard (BLS) compliance indicator previously attached to the company’s name on NGX trading platforms will be removed.
Capital raising drives compliance
The achievement follows the successful completion of a public offer and rights issue that expanded the company’s shareholder base and boosted the number of shares available for public trading.
These transactions enabled the brewer to meet the requirements outlined under Rule 3.1.4 of the Exchange’s rules governing free float requirements. Notably, the company achieved the milestone well ahead of the extended compliance deadline of October 31, 2026, previously approved by the Nigerian Exchange Group.
The capital raising exercise also received approval from the Securities and Exchange Commission, further validating the process and ensuring regulatory compliance.
Share crediting nears completion
Following the conclusion of the capital raise, the company confirmed that the process of crediting shareholders with their new shares is currently in its final stage.
Applicants who participated in the rights issue have already received their newly allotted shares. Meanwhile, crediting of shares for investors who subscribed through the public offer is still ongoing.
The process is being coordinated with the Central Securities Clearing System Plc (CSCS) and the company’s registrars to ensure all eligible investors receive their allocations.
Strategic deal supports expansion
Beyond regulatory compliance, the capital raise also helped the company accomplish a major strategic objective: the acquisition of the Bullet portfolio.
The transaction strengthens Champion Breweries’ product lineup and market presence while also improving the company’s liquidity profile on the stock exchange.
Meeting the free float requirement is expected to enhance trading activity in the company’s shares and increase investor confidence.
Management appreciates investors
The board and management of Champion Breweries expressed appreciation to shareholders and the broader investing community for their support during the capital raising process.
They also acknowledged the guidance provided by NGX RegCo throughout the compliance journey.
The company noted that it will continue working closely with the registrars and CSCS to finalize the remaining share crediting activities.
About Champion Breweries
Established more than five decades ago, Champion Breweries Plc is one of Nigeria’s long-standing beverage manufacturers.
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The company produces a range of beverages, including Champion Lager and Champ Malta, and is part of the enJOYcorp Group, a consumer brands platform focused on scaling African products into regional and global markets.
With its new compliance status and strengthened capital base, the brewer is positioning itself for improved liquidity, broader investor participation, and future growth in Nigeria’s competitive beverage industry.
Nigerians spend N1.54trn consuming beers in 9 months
Legit.ng earlier reported that Nigeria’s major publicly listed brewing companies recorded combined revenue of more than N1.54tn from beer and non-alcoholic beverages in the first nine months of 2025, reflecting the scale of consumer spending on brewery products during the period.
Unaudited financial statements released by Nigerian Breweries Plc, International Breweries Plc and Champion Breweries Plc for the nine months ended September 30, 2025, show that strong demand for beer largely drove their revenue growth.
The filings on the Nigerian Exchange Group indicate that all three companies recorded improved top-line performance compared to the same period in 2024.
Source: Legit.ng
