The majority shareholders of Premier Paints Plc are set to sell a 51 per cent stake to Xenergi Limited.
The paint maker announced the ownership change in a statement to the investing public on Tuesday.
Premier Paints Plc is a Nigeria‑based paint manufacturer established in 1982 and headquartered in Ifo, Ogun State. It produces decorative, industrial, wood finishes, auto refinish paints and related coatings
According to Paintmaker, the shareholders involved are Clover Global Resources Limited, which holds a 39.02 per cent stake, and TGHL Capital Limited, with a 15.2 per cent holding.
The 51 per cent divestment will see Xenergi Limited acquire 63 million shares in Premier Paints.
The proposed transaction, subject to regulatory approvals, is expected to be completed before January 31, 2026.
“Premier Paints Plc 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%) and TGHL Capital Limited (15.20%), that they are in discussion with Xenergi Limited to acquire their stakes in the Company.
“The Transaction, if consummated, will result in the new investor owning the 51% equity stake (or 63,000,000 shares) in the Company. Subject to obtaining required regulatory approvals, the Transaction is expected to close before 31st January 2026,” the disclosure read.
A subsidiary of Nigeria-based Trans Global Holding Limited and formerly linked to Red Sea Housing Services, Premier Paints is listed on the NGX under the industrial goods sector and building materials subsector.
Pinnacle Daily analysis had shown that Premier Paints is among the bottom 10 stocks on the Nigerian stock market, struggling to maintain compliance with post-listing requirements on the NGX.
A building materials company listed since March 7, 1995, on the exchange, Premier Paints’ market capitalisation stood at about N1.23 billion, with 123 million shares outstanding, and the share price at N10 each, with minimal trading volume, suggesting low liquidity and limited price movement.
A peep into the financials indicates a loss in recent reported periods, with negative net income and earnings per share.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
