Shareholders of Champion Breweries Plc have approved a fresh capital injection of N45 billion as the company intensifies plans to expand operations and strengthen its market position.
The company also approved an increase in authorised share capital to five billion shares.
|
|
The approval was given during an Extraordinary General Meeting (EGM) held virtually on Thursday.
The new capital raise, which will be executed through debt and bonds, follows EnjoyCorp Ltd’s 2024 acquisition of a majority stake in the brewery.
|
|
|
|---|
Under the resolutions passed, the capital raise will strengthen the company’s balance sheet, enhance liquidity, and provide the financial flexibility required to execute an aggressive expansion and innovation programme.
Shareholders also endorsed the acquisition of select intellectual property and brand assets to broaden Champion Breweries’ portfolio, boost operational efficiency, and cement its position in Nigeria’s competitive beverage market.
Chairperson of the Board, Imo Jacob, described the approval as a pivotal step forward.
Stay Ahead with Premium Times
Follow us on Google News and never miss breaking stories, investigations, and in-depth reporting.
Add as a preferred source on Google
“We are extending our promotional reach with eco-friendly units already on the road.
“This capital raise empowers us to fast track growth, launch premium innovations, and deepen market presence, all while upholding our commitment to quality, sustainability, and long-term shareholder value,” he said.
Champion Breweries’ Managing Director, Inalegwu Adoga, highlighted the company’s resilience and readiness for its next phase of growth.
“Champion Breweries has consistently demonstrated resilience and potential, even as previous challenges required a stabilisation phase.
READ ALSO: eTranzact posts 54% rise in profit
“With this new era of industrial growth, we are poised to evolve beyond mere shelf presence to create meaningful market impact by positioning Champion Breweries as a driver of cultural and economic value,” he said.
The virtual EGM recorded robust shareholder participation, with voting conducted electronically and through proxy.
In compliance with statutory requirements, the register of members was closed from 7 July to 10 July 2025 to facilitate seamless preparations.
The board expressed deep appreciation to shareholders for their support and reaffirmed its commitment to expanding operational capacity, broadening its product portfolio, as well as deploying capital prudently to deliver consistent returns while sustaining market leadership.
(NAN)
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
More News
