EnjoyCorp Limited, a holding company established for food, beverage, and hospitality brands, has reached an agreement with Heineken B.V to acquire 100 percent of its shareholding in The Raysun Nigeria Company Limited, holder of 86.5 percent stake in Champion Breweries Plc, a leading regional brewer listed on the Nigerian Exchange Limited (NGX).
Chairman, Imo-Abasi Jacob in a statement said, the proposed transaction is subject to obtaining requisite regulatory approvals and the parties expect to close the transaction in Q2 2024.
According to him, “EnjoyCorp intends to keep Champion Breweries Plc listed on the NGX. Heineken will continue to support Champion Breweries for a 12-month period after the transaction has closed to ensure a smooth transition of ownership.
“The proposed acquisition will mark EnjoyCorp’s strategic entry into the beverage category underpinning the company’s long-term commitment to the African consumer. The transaction will result in EnjoyCorp taking a controlling stake in Champion Breweries, integrating it as an anchor subsidiary.”
Champion Breweries in its third quarter ended September 2023, declared N91.48 billion loss before tax as against N1.79 billion profit before tax in the third quarter of 2022.
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