Premier Paints Plc has disclosed that its majority shareholders, Clover Global Resources Limited with 39.02 per cent and TGHL Capital Limited with 15.20 per cent, are in discussions with Xenergi Limited to acquire their combined stakes in the company. If concluded, the transaction would give Xenergi control of 51 per cent of Premier Paints, equivalent to 63 million shares.
The disclosure was made on the Nigerian Exchange recently in a notice signed by the Company Secretary, AMN Practice, Alozie Nwokoro.
“Premier Paints Plc (“The Company”) is pleased to notify its esteemed shareholders, stakeholders, Nigerian Exchange Limited and the general public that its Board has been notified by its majority shareholders, Clover Global Resources Limited (39.02 per cent) and TGHL Capital Limited (15.20 per cent), that they are in discussion with Xenergi Limited to acquire their stakes in the Company (“The Transaction”). The transaction, if consummated, will result in the new investor owning the 51 per cent equity stake (or 63,000,000 shares) in the company,” the notice partly reads.
Additionally, the transaction is subject to regulatory approvals and is expected to close before 31 January 2026.
Premier Paints emphasised its commitment to transparency, stating, “We are working closely with all parties to ensure a smooth and transparent process.”
The development signals potential strategic changes in one of Nigeria’s leading paint manufacturers, which continues to expand its market presence across the country.
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