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Heineken B.V extends Nigeria’s market share with new 1.9bn units of Champion Breweries

Etha Ugoh January 19, 2021 31


Background
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The Dutch brewer, has purchased another 1.9 billion ordinary shares of Champion Breweries located in Uyo, Akwa Ibom state.

Through its subsidiary, Raysun Nigeria Limited, Heineken purchased the new shares at N2.60 per unit at a total of N4.95 billion on January 7.

With this shares acquisition, Heineken now has a total of 84.7 percent in Champion Breweries, a move to further expand its control of the Nigerian Beer market and put it in a strong position as the majority shareholder to make a takeover attempt.

Heineken currently has another 37.94 percent stake in Nigerian Breweries, Nigeria’s largest brewer by market size and the most capitalised beer maker in the country.

Asset Management Nominee and Akwa Ibom Investment Corporation, which held 12.3 per cent and 10 per cent holdings respectively in the company prior to Heineken’s latest round of share purchase, were the other substantial shareholders in Champion Breweries.

Champion Breweries started bottling beer in 1976, with an initial capacity of 150,000 hectolitres of beer and 10,000 hectolitres of malt drink.

On Monday, Shares of Champion Breweries closed on the Nigerian Stock Exchange at N1.48 per share, gaining almost the 10 per cent daily ceiling allowed by the bourse.

The stock has appreciated by 58.82 per cent since Heineken’s latest share acquisition on January 7, 2020.

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