Champion Breweries Resolves Free Float Deficiency Ahead of NGX Deadline
Champion Breweries Plc has resolved its free float deficiency just before the Nigerian Exchange (NGX) deadline. The company completed a two-step capital raise, bringing its free float above the required threshold for Main Board listings. This move ensures compliance with NGX regulations and removes a previous compliance warning.
The brewery was among nine firms flagged in March 2026 for failing to meet NGX free float rules. At the time, none of the listed companies had fully addressed their deficiencies. To fix this, Champion Breweries launched a capital-raising programme to strengthen its balance sheet and fund expansion plans.
The process involved two stages: a N15.9 billion Rights Issue and a N42 billion Public Offer. Together, these raised around N60 billion. The funds have now cleared the final stages of crediting through the Central Securities Clearing System (CSCS).
Under NGX rules, Main Board companies must maintain at least 20% of shares as free float or a minimum free float value of N20 billion. Champion Breweries has now exceeded this requirement. As a result, the Below Listing Standard (BLS) Compliance Status Indicator, previously displayed next to its name on NGX platforms, will be removed.
The successful capital raise allows Champion Breweries to continue trading without restrictions. Its shares now meet the NGX free float standard, ensuring full compliance with exchange regulations. The company can now focus on its strategic growth plans with a stronger financial position.
