Champion Breweries’ US$11.02M rights issue backs Bullet brand acquisition, pan-African expansion
Capital raise will fund partial acquisition of Bullet beverage brands as Champion targets export-led growth across Africa.
NIGERIA – Champion Breweries Plc has announced that its ongoing N16 billion rights issue will support the strategic acquisition of the Bullet brand portfolio and reinforce the company’s pan-African growth ambitions.
The rights issue comprises 994,221,766 ordinary shares priced at N16.00 per share. The offer opened on November 24, 2025, and is scheduled to close on January 5, 2026. The shares are available to existing shareholders listed on the company’s register as of the qualification date of September 4, 2025.
Champion Breweries said the capital raise represents the first phase of its broader strategic funding plan. The proceeds are intended to support the proposed acquisition of the Bullet brand portfolio, subject to regulatory approvals, as part of efforts to build a stronger, export-oriented beverage platform across Africa.
According to the company, the net proceeds from the rights issue will be applied toward partial settlement of the acquisition of all brand assets and intellectual property associated with the Bullet range of ready-to-drink beverages. The acquisition is expected to expand Champion’s product portfolio and enhance its earnings capacity.
Commenting on the transaction, Managing Director of Champion Breweries, Dr. Inalegwu Adoga, said the company was encouraged by the response from shareholders.
He noted that the rights issue provides existing investors with the opportunity to participate directly in Champion’s next phase of growth, combining decades of operational heritage with a fast-growing pan-African platform.
Group Managing Director of EnjoyCorp, David Butler, said the capital raise underscores Champion’s commitment to disciplined and sustainable expansion.
He added that the Bullet asset carve-out structure is expected to provide immediate scale and foreign exchange earnings without requiring heavy upfront investment, while keeping existing shareholders central to the company’s transformation.
Champion Breweries has reported strong financial performance in recent years. Revenue increased from N12.7 billion (US$8.75M) in 2023 to N20.9 billion (US$14.4M) in 2024, while net income rose from N370 million (US$254.82K) to N817 million (US$562.67M) over the same period.
In the first half of 2025, the company recorded revenue of N15.9 billion (US$10.95M) and net income of N2.3 billion (US$1.58M), representing its strongest half-year performance to date.
The Bullet acquisition is expected to further accelerate Champion’s evolution into a diversified, export-enabled beverage company serving a broader consumer base across Africa.
Sign up HERE to receive our email newsletters with the latest news and insights from Africa and around the world, and follow us on our WhatsApp channel for updates.
