The board of Champion Breweries Plc is planning to secure the approvals of shareholders and regulatory agencies to raise an additional N45 billion from the debt market.

At its recent meeting, the board said the funds could be sourced from local and offshore debt market through instruments like green bonds, hybrid securities, private placements or others.

However, to go ahead with this, shareholders must authorise the transaction before regulatory agencies like the Securities and Exchange Commission (SEC).

The board intends to ask shareholders to give the management the authority “to take all necessary steps and to do all such other acts or things as may be necessary or incidental to giving effect to the above resolutions, including engaging the services of any other relevant professional adviser(s).”

In a note signed by its scribe, Mr Tosan Aiboni, the brewery firm was an authorisation to “raise additional debt capital of up to N45 billion directly and/or indirectly by such means as the board may deem appropriate including via a special purpose vehicle, through the issuance of securities comprising convertible and/or non-convertible notes, green bonds, hybrid securities, or a combination of these or any other instruments, in the Nigerian and/or international capital markets, either as a standalone issue(s) or by the establishment of capital raising programme(s), whether by way of public offerings, private placements, and/or other transaction modes, at price(s), coupon or interest rates determined through book building or any other acceptable valuation method or combination of methods, in such tranches, series or proportions, within such maturity periods and at such dates and upon such terms and conditions as may be determined by the board, subject to obtaining the relevant regulatory approvals.”

This would be achieved through the issuance of “additional shares of up to 5 billion ordinary shares of 50 Kobo each.”

Champion Breweries has been gaining traction at the Nigerian Exchange (NGX) Limited lately, with investors showing interest in the firm.

Business Post reports that on Tuesday, the company gained 10.00 per cent at the stock market to settle at N14.96 per unit.