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Champion Breweries Plc, the Nigerian beer maker backed by billionaire Bet9ja founder Kunle Soname, plans to put a new holding company at the top of the group. The new parent, Champion Brands Plc, would replace the brewer on the Nigerian Exchange as the group expands across Africa.
Under the proposed scheme of arrangement, Champion Brands Ltd. will become a public limited company and the group's new parent. Champion Breweries will become a wholly owned subsidiary and its shares will be delisted once the deal is complete.
Shareholders will get one Champion Brands share for each Champion Breweries share they hold. The company said the swap keeps each investor's stake the same, with no payment required and no dilution.
Bullet moves under the new parent
The restructuring also places enJOYbev B.V., owner of the Bullet range of energy and ready-to-drink beverages, directly under Champion Brands. Champion bought the Bullet business, which sells in 14 African countries, to widen its range beyond beer and malt drinks.
The company said the new structure will make it easier to move capital between its businesses, add new beverage categories and enter new markets. Investors will also get a single listed company that covers the whole portfolio rather than only the brewing operation.
The company expects to complete the restructuring in the first quarter of 2027. It needs shareholder approval, the sanction of the Federal High Court and other regulatory clearances. Champion Breweries shares will keep trading on the NGX until the scheme takes effect.
Chairman Imo-Abasi Jacob said the new structure would support the group's plans beyond its current businesses and markets. Managing director Malolan Sampath said the change would not disrupt operations, brands, staff, customers or suppliers.
Sales up, profit down
The proposal comes as rising borrowing costs weigh on earnings. Revenue in the nine months to September rose 140% to ₦51.41 billion ($37.7 million), helped by the Bullet business. Pretax profit fell 71% to ₦917.5 million ($672,000) as finance costs climbed to ₦7.25 billion ($5.3 million) from ₦1.38 billion a year earlier.
The shares closed at ₦8 on Nov. 3, down about 43% since the start of the year.
Champion still brews Champion Lager and Champ Malta at its plant in Uyo, Akwa Ibom State. Earlier this month it agreed to make and distribute Bature beers across Nigeria, with an option to buy the brand.
Soname's link
Soname's tie to the brewer runs through Kuker Holdings, his investment vehicle, which is a major shareholder in EnjoyCorp Ltd. EnjoyCorp bought control of Champion Breweries from Heineken N.V. in 2024 and owns most of its shares.
Soname built his fortune on Bet9ja, Nigeria's largest sports betting company, and has interests in aviation, football, banking and manufacturing.
Figures were converted at ₦1,365 to the dollar.
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