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Champion Breweries Plc has announced plans to increase its capital base by raising fresh funds. The firm said it was part of its restructuring programme aimed at ensuring that the ailing company was put back on the path of profitability.

A statement by the company on Monday said that the planned recapitalisation was an important element in its turnaround programme. It quoted the firm’s Acting Chairman, Alhaji Shuaibu Ottan, as saying that the re-financing of its existing debt through debt-to-equity conversion and injection of fresh cash through a rights issue were part of the options being considered as key success factors.

The statement added that the shareholders of the company also urged the management to explore all avenues of turning around the company’s fortune.

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Champion Breweries to raise fresh funds