EnjoyCorp Limited reached agreement to acquire Raysun Nigeria Limited from Heineken N.V. (ENXTAM:HEIA) on February 28, 2024. With this transaction EnjoyCorp turn holds an 86.5% stake in Champion Breweries Plc. EnjoyCorp intends to keep Champion Breweries Plc listed on the NGX.

Heineken will continue to support Champion Breweries for a twelve-monthperiod after the transaction has closed to ensure a smooth transition of ownership. The proposed acquisition will mark EnjoyCorp?s strategic entry into the beverage category underpinning the company?s long-term commitment to the African consumer. The transaction will result in EnjoyCorp taking a controlling stake in Champion Breweries, integrating it as an anchor subsidiary.

The proposed transaction is subject to obtaining requisite regulatory approvals and the parties expect to close the transaction in Q2 2024.