Champion Breweries resolves free float deficiency with N60bn capital raise

Champion Breweries Plc has resolved its free float deficiency on the Nigerian Exchange (NGX). The company met the minimum requirement after raising around N60 billion through a two-step capital programme. As a result, the compliance indicator flagging its status will now be removed from NGX platforms.

The NGX had previously listed Champion Breweries among nine companies with insufficient free float. Under exchange rules, Main Board-listed firms must maintain either 20% of issued shares as free float or a minimum free float value of N20 billion.

To address the shortfall, the brewer embarked on a capital-raising initiative. This included a N15.9 billion Rights Issue and a N42 billion Public Offer. Both were approved by the Securities and Exchange Commission and are now in the final stages of crediting investors' accounts via the Central Securities Clearing System.

The completed capital raise has pushed the company's free float above the required threshold. This ensures compliance with NGX regulations before the deadline set by NGX RegCo.

The removal of the BLS Compliance Status Indicator confirms Champion Breweries' adherence to listing standards. The funds raised will support the company's balance sheet and expansion plans. The share price stood at NGN 17.00 as of March 6, 2026, following the capital increase.