HEINEKEN International, a global beverage giant, has completed the sale of its 86.5 per cent shareholding stake in the Nigerian Champion Breweries Plc.

Champion Breweries disclosed this in a statement on Wednesday, June 19, signed by its chairman, Imo-Abasi Jacob.

The 100 per cent stake in Champion Breweries, which Heineken held through Raysun Nigeria Limited, was taken over by EnjoyCorp Limited.

“EnjoyCorp Limited has acquired an 86.5 per cent stake in the company.

“EnjoyCorp acquired 100per cent shareholding in The Raysun Nigeria Limited, which in turn holds the 86.5per cent stake in Champion Breweries plc listed on the Nigerian Exchange Group (NGX),” it stated.

According to Champion Breweries, following the approval of the Federal Competition and Consumer Protection Commission (FCCPC), the parties have completed the transaction, and EnjoyCorp has taken full control.

Champion Breweries will remain listed on the NGX as EnjoyCorp commits to building the company and galvanising shareholder value as the acquisition marks EnjoyCorp’s entry into the beverage sector.

With the acquisition, Champion Breweries will be integrated as a cornerstone subsidiary within EnjoyCorp’s expanding portfolio of food, beverage, and hospitality brands.

“EnjoyCorp is welcome aboard Champion Breweries Plc, and we look forward to an exciting new chapter of growth and value creation for all its stakeholders, powered by EnjoyCorp’s vision and resources.

“Champion Breweries plc is confident that this partnership will unlock new opportunities and elevate our brand to greater heights,” the statement signed by Champion Breweries’ chairman further stated.

A cursory look at Champion Breweries’ financial performance for the past year revealed that the company’s profit lines dropped marginally.

Its revenue dropped slightly to N12.70 billion in 2023 from N12.29 billion in 2022; gross profit to N5.07 billion from N5.81 billion.

However, the company’s operating profit significantly declined to N603.97 million from N2.27 billion; profit before tax to N445.34 million from N2.25 billion and profit after tax to N370.56 million from N1.41 billion as it suffered a huge impairment loss on financial assets, selling, distribution, and administrative expenses.

The Champion Breweries’ full acquisition came barely one week after Diageo Plc, the UK-based majority owner of Guinness Nigeria Plc, sold off its over 50 per cent stake to Tolaram Group amid poor financial performances in the last year.

The one year of President Bola Tinubu’s administration has seen many international companies divest their investment, delist, and even exit from the Nigerian business environment due to the reforms the government doggedly introduced.

The ICIR reported that several multinational companies have pulled out of Nigeria, citing unfavourable business environments that have been worsened by foreign exchange problems in the country

GlaxoSmithKline (GSK), Sanofi-Aventis Nigeria Limited, Procter and Gamble (P&G), Jumia Food and Microsoft were among the companies that have exited Nigeria in the past year.