Champion Breweries Gets New Majority Shareholder

THE Board of Cham­pion Breweries Plc has announced the completion of the acqui­sition of an 86.5 per cent stake by EnjoyCorp Lim­ited in the brewery firm.

This was contained in the company notice to the Nigerian Exchange Limited. This acquisition was achieved through the purchase of 100% share­holding in The Raysun Ni­geria Limited, which holds the aforementioned stake in Champion Breweries Plc, listed on the Nigerian Exchange Group (NGX).

According to the state­ment signed by Mr. Imo- Abasi Jacob, the Board Chairman, following the approval of the Federal Competition and Consum­er Protection Commission, the transaction has been completed, and EnjoyCorp now holds full control of The Raysun Nigeria Limited.

Jacob noted that the Champion Breweries plc will remain listed on the NGX adding that En­joyCorp is committed to building the company and galvanizing shareholder value through strategic initiatives and invest­ments that align with its mission of enriching life’s moments through a di­verse portfolio of brands.

The chairman said the acquisition marks Enjoy­Corp’s strategic entry into the beverage category, un­derpinning the company’s long-term commitment to the African consumer. “Champion Breweries Plc will be integrated as a cornerstone subsidiary within EnjoyCorp’s ex­panding portfolio of food, beverage, and hospitality brands.

“EnjoyCorp is welcome aboard Champion Brew­eries Plc and we look for­ward to an exciting new chapter of growth and value creation for all its stakeholders, powered by EnjoyCorp’s vision and resources. Champion Breweries plc is confident that this partnership will unlock new opportunities and elevate our brand to greater heights,” he said.

He said the acquisition will strengthen Champion Breweries Plc’s market position and open new avenues for growth and collaboration. It was re­ported recently that En­joyCorp Limited, a hold­ing company specializing in food, beverage, and hospitality brands, has 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).

Following the challeng­ing business environment that significantly impacted the manufacturing sector, the company achieved a profit after tax of N371 million as against N1.407 billion in 2022 representing a drop of 73.63% YoY.

Champion Breweries plc has reported a profit before tax of N445 million for the year ended 31 Decem­ber 2023, representing an 80% YoY decline from the N2.249 billion reported in 2022.

Champion Breweries re­ported revenue of N12.704 billion, representing a mar­ginal YoYincrease of 3.38% from the N12.289 billion reported the year prior.