Premier Paints Plc has announced that its majority shareholders are in discussions with Xenergi Limited regarding a potential divestment of their stakes in the company.
According to a disclosure filed with the Nigerian Exchange (NGX), the shareholders involved are Clover Global Resources Limited, which holds a 39.02% stake, and TGHL Capital Limited, with a 15.20% holding.
If completed, the deal would see Xenergi Limited acquire a 51% equity stake, representing 63 million shares in Premier Paints Plc.
The proposed transaction, formally communicated to the NGX, shareholders and the investing public, is subject to regulatory approvals and is expected to be completed before 31 January 2026.
Premier Paints and Xenergi
Premier Paints Plc manufactures paints for Nigeria’s decorative, industrial, and commercial sectors.
Its products include decorative, industrial, marine, wood, automotive, solvent, and road-marking paints.
The company, a subsidiary of Nigeria-based Trans Global Holding Limited and formerly linked to Red Sea Housing Services, is listed on the NGX under Industrial Goods, Building Materials subsector.
On the exchange, Premier Paints has a market capitalization of about N1.23 billion, with 123 million shares outstanding, each priced at N10.
According to recent developments, Clover Global Resources Limited and TGHL Capital Limited plan to divest 63 million shares to Xenergi Limited under a proposed transaction.
Xenergi Limited, a member of the Oildata Energy Group, converts natural gas into cleaner energy products, including LPG, propane, and mixed alcohols.
If completed, Xenergi will acquire a 51% stake in Premier Paints. This gives it majority ownership, voting rights, and influence over board appointments, operations, strategy, and expansion plans.
Premier Paints’ shares have remained at N10 per share since 2022, with no trading activity on the NGX following their suspension.
What you should know
Premier Paints Plc remains under a trading suspension on the Nigerian Exchange (NGX) as of December 2025.
The suspension was first imposed on July 1, 2022, after the company failed to file its audited financial statements for the year ended December 31, 2021.
The Nigerian Exchange Regulation Limited (NGX RegCo) suspended trading in Premier Paints’ shares, along with eight other companies, due to non-compliance with post-listing disclosure requirements.
According to its last published financials on the NGX, Premier Paints recorded a pretax profit of N565,000 in Q4 2024, rebounding from a year-on-year loss of N8.2 million.
The proposed acquisition by Xenergi could influence decision-making and operational contributions that may affect Premier Paints’ growth and future expansion plans.
