Lagos, Nigeria – Champion Breweries Plc has confirmed it now meets the Nigerian Exchange minimum free float requirement. The milestone follows the completion of a capital raise worth approximately N60 billion ($39.8 million USD).
Okay News reports that 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. Champion Breweries had been listed among nine companies flagged for free float deficiency in the latest X-Compliance Report.
The company stated that the Securities and Exchange Commission approved the capital raises. These transactions are currently in final stages of crediting through the Central Securities Clearing System.
All applicants under the Rights Issue have received their new shares. Crediting for Public Offer applicants remains ongoing and should conclude shortly.
The capital raise served a dual purpose. It funded 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. NGX RegCo will confirm this action following verification of compliance.
The fundraising program consisted of two components. A N15.9 billion Rights Issue was 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. The deal also supports working capital needs and broader growth initiatives for Champion Breweries.
Companies listed on the Nigerian Exchange must maintain minimum free float levels to ensure market liquidity. Free float represents shares available for public trading, excluding holdings by insiders, directors, or strategic investors.
Main Board companies like Champion Breweries must maintain at least 20% of issued shares as free float. Alternatively, they must achieve a free float value of at least N20 billion.
This requirement ensures adequate liquidity and orderly trading of securities. It also supports accurate price discovery for investors participating in the market.
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