Champion Breweries Plc has announced the completion of an agreement for EnjoyCorp Limited to acquire an 86.5% stake in the company.
The company disclosed this in a statement submitted to the Nigerian Exchange Limited seen by TimesNow.com.ng.
According to the notice, EnjoyCorp Limited acquired the stake in Champion Breweries plc by purchasing 100% shareholding in Raysun Nigeria Limited, which holds 86% majority stake in Champion Breweries plc.
The Federal Competition and Consumer Protection Commission has approved and finalised the acquisition.
The deal means that EnjoyCorp is now in complete control of Raysun Nigeria Limited, thereby controlling Champion Breweries plc.
Speaking on the deal, Imo-Abasi Jacob, the Board Chairman of Champion Breweries, said the company will continue to be listed on the Nigerian Exchange Group (NGX).
His words:
TimesNow.com.ng previously reported that the Tolaram group took over Guinness Nigeria in a similar development.
The new buyer will continue producing Guinness major spirits brands and locally-made Diageo ready-to-drink.
The transaction is expected to be completed in Fiscal 2025, subject to obtaining all necessary regulatory clearances in Nigeria.
Proofreading by James Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
