EnjoyCorp acquires 86.5% stake in Nigeria's Champion Breweries

AFRICAN STOCKS AND FINANCEJune 23, 2024 at 4:41 PM UTC

TLDR

EnjoyCorp completes acquisition of 86.5% stake in Champion Breweries Plc via purchase of The Raysun Nigeria shares.
Acquisition disclosed in a company notice to Nigerian Exchange (NGX); EnjoyCorp maintains Champion Breweries' listing on the NGX.
EnjoyCorp, a holding company in food, beverage, and hospitality, now holds majority stake in Champion Breweries.

The Board of Champion Breweries Plc last week said EnjoyCorp has completed the acquisition of an 86.5% stake in the brewery firm. This information was disclosed in a company notice to the Nigerian Exchange (NGX).

The acquisition was executed through EnjoyCorp's purchase of 100% shareholding in The Raysun Nigeria, which was previously owned by Heineken B.V. The Raysun Nigeria holds the stake in Champion Breweries, which is listed on the NGX.

EnjoyCorp Limited, a holding company focused on food, beverage, and hospitality brands, will maintain Champion Breweries Plc's listing on the NGX.

Key Takeaways

Despite a challenging business environment that heavily impacted the manufacturing sector, Champion Breweries Plc achieved a profit after tax of N371 million for the year ending 31 December 2023, a 73.63% decrease from N1.407 billion in 2022. The company reported a profit before tax of N445 million, marking an 80% year-on-year decline from the N2.249 billion reported in 2022. However, Champion Breweries' revenue showed a marginal year-on-year increase of 3.38%, rising to N12.704 billion from N12.289 billion the previous year.

Champion Breweries Plc

EnjoyCorp

NGX

Acquisition

Nigeria

Finance

Business

FMCG

Breweries

Heineken B.V.