WorldStage Newsonline– Shareholders of Champion Breweries Plc has granted an approval for the company to issue up to 1,579,058,099 ordinary shares to meet the Nigerian Exchange Ltd. (NGX) free float requirement.
Mr Imo-Abasi Jacob, Chairman, Board of the company, said this in a statement presenting resolutions from the firm’s Extraordinary General Meeting (EGM) on Thursday in Lagos.
Jacob said that the capital raise would significantly enhance market liquidity, fund essential infrastructure upgrades, expand production capacity, and increase overall operational efficiency of the company.
He stated that Champion Breweries also received approval to float N15 billion bond programme and N5 billion series one issuance through a specially incorporated funding vehicle.
According to him, this strategic bond issuance will provide the necessary financial backing for the company’s ambitious expansion plans and ensure long-term operational stability.
The chairman noted that the resolutions would propel the company to new heights of growth and market dominance.
Jacob added that the approved resolutions focus on pivotal initiatives that would strengthen the company’s operational capacity, improve market liquidity, and ensure full compliance with regulatory standards.
“These approvals represent a bold and necessary step for Champion Breweries, as we position ourselves for the next phase of growth.
“With the backing of our shareholders, we are well-equipped to enhance our operational capacity, meet regulatory requirements, and deliver exceptional value to all our stakeholders.
“This marks the beginning of an exciting new chapter in our journey,” he said.
Dr Inalegwu Adoga, Managing Director/Chief Executive Officer of Champion Breweries, expressed his optimism, while noting that the decision marked a historic moment for the company.
Adoga said that the approval of the resolutions not only ensure compliance with regulatory requirements, but also set a stage for an exciting future.
He said: “these steps will allow us to enhance our operational capacity and unlock significant growth opportunities for our stakeholders.”
“With the approval of these strategic initiatives, Champion Breweries is poised to reinforce its market leadership, enhance operational efficiency and create enduring value.
“This milestone underscores the company’s commitment to innovation and its vision for shaping the future of Nigeria’s brewing industry.”
According to him, Champion Breweries remains steadfast in its mission to provide exceptional value to shareholders, customers, and the broader community.
