EnjoyCorp Limited, a company specialising in food, beverage and hospitality brands, has reached an agreement with Heineken B.V. to purchase 100% of its shareholding in The Raysun Nigeria Company Limited, the majority shareholders in Champion Breweries PLC.
The Raysun Nigeria Company Limited holds an 86.5% stake in Champion Breweries Plc, a prominent regional brewer listed on the Nigerian Exchange Limited (NGX). This development was disclosed in a notice to the Nigerian Exchange Limited and the investment community, and cited by News Central sources.
Mr. Imo-Abasi Jacob, Chairman of Champion Breweries, stated in the notice that the proposed transaction is subject to obtaining necessary regulatory approvals, with both parties aiming for closure in the second quarter of 2024.
Regardless of EnjoyCorp Limited’s majority share status, It intends to uphold Champion Breweries Plc’s listing on the NGX. Upon completion of the acquisition, Heineken will provide ongoing support to Champion Breweries for twelve months to ensure a smooth transition of ownership.
This strategic acquisition marks EnjoyCorp’s entry into the African beverage market category, thus resulting in EnjoyCorp holding a controlling stake in Champion Breweries and positioning it as a key subsidiary.
Recall that the Board of Directors of Champion Breweries Plc had announced the appointment of Dr. Inalegwu Adoga as the Managing Director/Chief Executive Officer of Champion Breweries Plc, Uyo.
