Premier Paints Plc has announced that its majority shareholders are in discussions with Xenergi Limited over a potential divestment that could see the energy company acquire a controlling interest in the paint manufacturer.
In a disclosure filed with the Nigerian Exchange (NGX), Premier Paints said the discussions involve Clover Global Resources Limited, which holds a 39.02 percent stake, and TGHL Capital Limited, with a 15.20 percent holding. If concluded, the transaction would result in Xenergi Limited acquiring a combined 51 percent equity stake, equivalent to about 63 million shares in the company.
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The proposed transaction has been formally communicated to the NGX, shareholders, and the investing public and remains subject to regulatory approvals. The parties expect the deal to be completed before January 31, 2026.
Premier Paints Plc manufactures paints for Nigeria’s decorative, industrial, and commercial markets. Its product portfolio spans decorative, industrial, marine, wood, automotive, solvent, and road-marking paints. The company, a subsidiary of Trans Global Holding Limited, is listed on the NGX under the Industrial Goods sector, Building Materials subsector.
On the exchange, Premier Paints has a market capitalisation of about N1.23 billion, with 123 million shares outstanding at a nominal price of N10 per share. Clover Global Resources Limited and TGHL Capital Limited are proposing to divest a combined 63 million shares to Xenergi under the transaction.
Xenergi Limited is a member of the Oildata Energy Group and is engaged in converting natural gas into cleaner energy products, including liquefied petroleum gas (LPG), propane, and mixed alcohols. If the acquisition is completed, Xenergi would gain majority ownership in Premier Paints, alongside enhanced voting rights and significant influence over board composition, operational direction, strategy, and expansion plans.
The development comes as Premier Paints’ shares remain suspended from trading on the NGX. Trading in the company’s shares was halted on July 1, 2022, after it failed to file its audited financial statements for the year ended December 31, 2021.
The suspension, imposed by Nigerian Exchange Regulation Limited (NGX RegCo), followed breaches of post-listing disclosure requirements.
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As of December 2025, the suspension remains in place, and the company’s shares have traded at N10 per share with no activity recorded on the exchange since 2022.
According to its most recent financial disclosures on the NGX, Premier Paints posted a pretax profit of N565,000 in the fourth quarter of 2024, marking a turnaround from a year-on-year loss of N8.2 million.