Champion Breweries Plc holds its 50th Annual General Meeting in Lagos on Thursday, having spent the past year acquiring Bullet Energy Drink, raising close to N58 billion in fresh capital, and restructuring into a group for the first time.
The meeting is scheduled to hold at the Oriental Hotel, Victoria Island, at 11:00 a.m. and will be accessible through the company’s website at championbreweries.com.
The headline corporate change is the acquisition of an 80% stake in enJOYbev B.V., a Netherlands-incorporated vehicle created to hold Bullet’s brand assets and intellectual property across its 14 African markets. The remaining 20% is held by Vinar NV, a related party of Konings, Bullet’s long-standing European production partner. The transaction, completed on February 26, 2026, and enJOYbev’s results are being consolidated into Champion’s group accounts for the first time. The subsidiary was profitable at the operating level within its first reporting period.
The acquisition was funded through a two-phase capital raise: a N15.9 billion rights issue to existing shareholders, which recorded a 93.7% subscription rate, and a N42 billion public offer at N16 per share that closed in January 2026 with a 55% uptake. Combined proceeds were earmarked for the Bullet transaction and working capital.
The commercial impact is already visible. Group revenue reached N14.36 billion in the first quarter of 2026, up 69% from N8.48 billion in the same period of 2025. The Q2 figure will capture the first full quarter of consolidated Bullet revenues.
Shareholders at the AGM will consider the audited financial statements for the year ended December 31, 2025, alongside director and auditor reports. The agenda also covers dividend declarations, board elections, and Audit Committee appointments.
Board Chairman Imo Abasi Jacob, speaking ahead of the meeting, said: “The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our Group structure all signal a deliberate strategy for sustainable growth and diversification. These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value.”
Bullet generates a significant share of its revenue in foreign currency, giving Champion an FX-denominated income line for the first time. Whether that hedge holds as the group absorbs the financing costs from the N58 billion capital raise will be a central question at the AGM.
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