Xenergi Moves To Raise Premier Paint Stake Above 51% In N76m Deal

Xenergi Plc has launched a mandatory takeover offer valued at N76 million to increase its shareholding in Premier Paint Plc to above 51 per cent, further consolidating its position in the company.

According to an offer document registered by the Securities and Exchange Commission (SEC) and released on the Nigerian Exchange (NGX), Xenergi is offering to acquire up to two million ordinary shares of Premier Paint at N38.00 per share.

If fully subscribed, the transaction will raise Xenergi’s equity stake in the paint manufacturer from 49.60 per cent to 51.22 per cent, giving it majority ownership of the company.

The offer is scheduled to open on July 13, 2026, and close on August 7, 2026, with the qualification date set for July 6, 2026.

According to the offer document, the acquisition covers up to two million ordinary shares, representing 1.63 per cent of Premier Paint’s issued share capital not already held by Xenergi.

“Xenergi hereby offers to all Premier Paint shareholders to purchase and acquire, on the terms and conditions set forth in this offer, the ordinary shares held by them in Premier Paint,” the company stated.

The mandatory takeover offer follows Xenergi’s acquisition of 61.003 million ordinary shares in Premier Paint in June, representing a 49.60 per cent stake in the company. The earlier transaction received regulatory approvals from the Federal Competition and Consumer Protection Commission (FCCPC), the SEC and the Nigerian Exchange.

The latest offer was approved by Xenergi’s board of directors on May 25, 2026, in line with regulatory requirements governing mandatory takeover bids following the acquisition of a significant equity interest.

Meanwhile, the board of Premier Paint has endorsed the offer, describing it as fair and beneficial to shareholders.

Chairman of Premier Paint, Mr Adedoyin Adeyinka, said the board had carefully reviewed the proposal and was satisfied with its terms.

“The board of Premier Paint has reviewed the offer and its benefit to all the shareholders of Premier Paint, and we consider the offer to be fair and are happy to recommend it,” Adeyinka said.

He, however, advised shareholders that once their shares are tendered under the offer, they cannot be sold, transferred, charged or otherwise disposed of except in accordance with the terms of the takeover offer.