Champion Breweries Plc has received confirmation from NGX Regulation Limited (NGX RegCo) that it is now in full compliance with the minimum free float requirement for companies listed on the Main Board of Nigerian Exchange Limited (NGX).

The clearance came as the company successfully increased its free float to above 20 per cent, it stated in a statement.

Hence, the below listing standard (BLS) compliance status indicator previously displayed beside the company’s name across the NGX platforms will be removed by NGX RegCo.

The development follows the recently concluded public offer and rights issue, which has enabled the company to meet the requirements of Rule 3.1.4 of the Exchange’s Rules Governing Free Float Requirements, well ahead of the extended deadline of 31 October 2026, earlier approved by the Nigerian Exchange Group (NGX).

The completed capital raising, successfully approved by the Securities and Exchange Commission (SEC), is currently in the final stages of the Central Securities Clearing System (CSCS) account crediting.

Applicants under the rights issue have now been credited with their new shares, while crediting for applicants under the public offer is ongoing, the company said.

This milestone transaction, having achieved the primary objective of the acquisition of the bullet portfolio, has achieved the additional benefit of achieving full compliance of the exchange’s liquidity and free float requirements.