Champion Breweries Plc has opened a ₦42 billion Public Offer of ordinary shares priced at ₦16.00 per share to fund the acquisition of the Bullet brand portfolio.
The company disclosed in a statement that the offer, which has received regulatory approvals from the Securities and Exchange Commission (SEC) and Nigerian Exchange Limited (NGX), opened on Thursday, January 8, 2026, and will close on January 21, 2026.
According to the statement, net proceeds from the Public Offer, together with funds raised from the company’s recently concluded Rights Issue, will be deployed primarily towards acquiring the Bullet brand portfolio through an asset carve-out arrangement.
Champion Breweries Bullet Brand Acquisition
The transaction will transfer ownership of Bullet’s brands, trademarks, recipes, and commercial rights across its African markets to Champion Breweries. Additional proceeds are expected to support working capital and growth initiatives, including route-to-market expansion, marketing, innovation, and capacity expansion.
The Public Offer represents the second phase of Champion’s two-step capital-raising programme, following a ₦15.9 billion Rights Issue offered to existing shareholders. Combined proceeds from both exercises are expected to strengthen the company’s balance sheet and support its strategic expansion plans.
The offer comprises 2.625 billion ordinary shares of 50 kobo each, to be listed on the Nigerian Exchange Limited. Applications can be submitted through receiving agents listed in the Prospectus or electronically via the NGX Invest platform, with Access Bank serving as the receiving bank.
Commenting on the offer, the Managing Director of Champion Breweries Plc, Dr Inalegwu Adoga, described the Public Offer as a key milestone in the company’s growth journey.
He said the acquisition of the Bullet brand would combine Champion’s nearly 50 years of brewing heritage with a proven pan-African ready-to-drink and energy drink platform.
Also speaking, David Butler, Group Managing Director of enJOYcorp, said the asset carve-out structure of the Bullet acquisition would allow the company to unlock foreign exchange earnings and scale across markets without heavy upfront investment in new production facilities.
Bullet is Nigeria’s leading ready-to-drink alcoholic beverage and one of the top energy drink brands in its operating markets. The brand is currently sold in 14 African countries and generates a significant portion of its revenue in foreign currency, providing Champion with a natural foreign exchange hedge.
The Public Offer is being led by Rand Merchant Bank Nigeria Limited as Lead Issuing House, with FBNQuest Merchant Bank Limited, FCMB Capital Markets Limited, CardinalStone Partners Limited, Greenwich Merchant Bank Limited, Chapel Hill Denham Advisory Limited, Comercio Partners Capital Limited, and Fortress Capital Limited acting as Joint Issuing Houses.
