Champion Breweries Meets NGX Free Float Requirement After Public Offer and Rights Issue

Champion Breweries Plc has announced that it has successfully met the minimum free float requirement for companies listed on the Main Board of the Nigerian Exchange Limited. The development marks an important compliance milestone for the Nigerian beverage company and strengthens its standing on the country’s capital market.

In a statement released by the company, Champion Breweries confirmed that it received official notification from NGX Regulation Limited that its free float has risen above 20 percent, meeting the exchange’s required threshold. As a result, the Below Listing Standard Compliance Status Indicator previously displayed beside the company’s name on NGX platforms will now be removed.

The company explained that the achievement followed the successful completion of its Public Offer and Rights Issue, which significantly increased the number of shares available to public investors. The move allowed Champion Breweries to comply with Rule 3.1.4 of the exchange’s rules governing free float requirements ahead of the extended deadline of October 31, 2026, earlier approved by the Nigerian Exchange Group.

According to the company, the capital-raising exercise received approval from the Securities and Exchange Commission and is currently in its final phase. Investors who participated in the Rights Issue have already been credited with their new shares, while the process of crediting shares for applicants under the Public Offer is still ongoing through the Central Securities Clearing System Plc.

Champion Breweries said the transaction not only ensured compliance with the exchange’s liquidity and free float rules but also supported its strategic goal of acquiring the Bullet portfolio. The company’s board and management expressed appreciation to investors for their continued support and acknowledged the guidance of NGX Regulation Limited as the share crediting process is finalized.

source: punch