EnjoyCorp Limited Completes Acquisition Of 86.5% Holdings In Champion Breweries
The Board of Champion Breweries PLC has announced the completion of the acquisition of an 86.5 per cent stake in the company by EnjoyCorp Limited.
This information was disclosed in a company notice to the Nigerian Exchange Limited, seen by THE WHISTLER
The acquisition was executed through the purchase of 100 per cent shareholding in The Raysun Nigeria Limited, which owns the 86.5 per cent stake in Champion Breweries PLC listed on the Nigerian Exchange Group (NGX).
In a statement signed by the Board Chairman, Mr. Imo-Abasi Jacob, it was confirmed that following the approval of the Federal Competition and Consumer Protection Commission, the transaction has been successfully completed, and EnjoyCorp now holds full control of The Raysun Nigeria Limited.
Jacob noted that Champion Breweries Plc will remain listed on the Nigerian Exchange Group (NGX).
He added that EnjoyCorp is dedicated to enhancing the company and increasing shareholder value through strategic initiatives and investments that align with its mission of enriching life’s moments with a diverse portfolio of brands.
The Chairman stated that this acquisition represents EnjoyCorp’s strategic entry into the beverage sector, highlighting the company’s long-term commitment to serving the African consume
“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 noted that the acquisition will strengthen Champion Breweries Plc’s market position and open new avenues for growth and collaboration.
Speaking at the company’s 48th Annual General Meeting (AGM) recently in Lagos, Jacob said that in 2023, revenue experienced a modest increase of 3.4 per cent compared to the previous year, despite a significant contraction in market demand.
However, he noted that those operating costs escalated due to unfavorable macroeconomic conditions, leading to a 73.4 per cent decrease in operating profit from the previous year, resulting in an operating profit of N604 million for the year.
He stressed that despite facing economic challenges such as cash shortages, fuel subsidy removal, and currency fluctuations, Champion Breweries Plc exhibited resilience and adaptability throughout the year.
