Champion Breweries Plc has officially opened a N16 billion Rights Issue of ordinary shares at N16 per share, following approvals from the Securities and Exchange Commission and the Nigerian Exchange Limited.

The Rights Issue, which commenced on Monday, is open to existing shareholders as at the qualification date of 4 September 2025.

The capital raise is part of Champion Breweries’ strategic funding plan to support the proposed acquisition of the Bullet brand portfolio, subject to regulatory approval, to strengthen its pan-African growth platform.

The offer size is N15.9 bn, comprising 994,221,766 ordinary shares of 50 kobo each. The basis of allotment is one new ordinary share for every nine ordinary shares held. Eligible shareholders have received Provisional Allotment Letters and Participation Forms through the Registrar, Africa Prudential Plc, and may submit applications via authorised Receiving Agents or electronically through the NGX Invest platform.

Net proceeds from the Rights Issue will be applied toward partial payment for the acquisition of all brand assets and intellectual property of the Bullet range of ready-to-drink beverages. Champion Breweries has continued to deliver strong financial performance, with revenue rising from N12.7 bn in 2023 to N20.9 bn in 2024, while net income increased from N370 m to N817 m over the same period. In the first half of 2025, the company recorded N15.9 bn in revenue and N2.3 bn in net income, marking its strongest half-year performance to date.

In a statement on Sunday, the Managing Director of Champion Breweries Plc, Inalegwu Adoga, said the Rights Issue gives existing investors the opportunity to participate directly in the company’s next growth chapter. He noted that the exercise combines nearly 50 years of heritage with a fast-growing pan-African platform.

Also, the Group Managing Director of enJOYcorp, David Butler, added that the Bullet asset carve-out structure would provide immediate scale and foreign exchange earnings without heavy upfront investment and emphasised that existing shareholders remain central to the transition.

The Rights Issue is managed by Rand Merchant Bank Nigeria Limited as Lead Issuing House, with FBNQuest Merchant Bank Limited, CardinalStone Partners Limited, Investment One Financial Services Limited, and CFG Maynard Limited as Joint Issuing Houses. Africa Prudential Plc serves as Registrar. Shareholders are encouraged to review the Rights Circular and consult stockbrokers or professional advisers when considering their applications.