Champion Breweries Plc has confirmed that it now meets the Nigerian Exchange minimum free float requirement following the completion of a capital raise worth approximately N60 billion.
The company disclosed the development in a statement to shareholders on Saturday, March 7, 2026.
The capital increase resulted from a successful Public Offer and Rights Issue that pushed its free float above the required threshold.
The achievement comes ahead of a deadline previously granted by NGX Regulation Limited, with Champion Breweries having been listed among companies flagged for free float deficiency.
The company stated that the Securities and Exchange Commission approved the capital raises, with transactions currently in final stages of crediting through the Central Securities Clearing System.
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All applicants under the Rights Issue have received their new shares, while crediting for Public Offer applicants remains ongoing and should conclude shortly.
The capital raise served a dual purpose, funding the acquisition of the Bullet portfolio while simultaneously achieving full compliance with exchange liquidity and free float requirements.
The “Below Listing Standard Compliance Status Indicator” previously displayed beside Champion Breweries’ name will be removed, with NGX RegCo expected to confirm this action following verification.
The fundraising program consisted of a N15.9 billion Rights Issue offered to existing shareholders alongside a N42 billion Public Offer to new investors.
The Bullet acquisition transfers ownership of brands, trademarks, recipes, and commercial rights across African markets while supporting working capital needs and broader growth initiatives.
Companies listed on the Nigerian Exchange must maintain minimum free float levels to ensure market liquidity, with Main Board companies required to keep at least 20 per cent of issued shares as free float or achieve a free float value of at least N20 billion.
This requirement ensures adequate liquidity and orderly trading of securities while supporting accurate price discovery for investors.
