Xenergi Limited, the new main investor in Premier Paints, has started a tender offer for 2 million ordinary shares. This represents a 1.6 percent stake in the company. The paint maker shared this information in a regulatory filing on Tuesday.
AIICO Capital is helping Xenergi with the offer.
Xenergi has already purchased 61,003,350 ordinary shares of Premier Paints Plc. This means they now own 49.60 percent of the total shares of Premier Paints, the company stated.
According to the firm, the Investments & Securities Act of 2025 requires Xenergi to make a tender offer to all minority shareholders of Premier Paints. This offer must be on the same terms or better than what was agreed with the current selling shareholders.
The offer will start on June 22 and end on July 17.
In December last year, Premier Paints revealed that Xenergi was in discussions with its largest shareholders, Clover Global Resources Limited and TGHL Capital Limited. These two companies held 39 percent and 15.2 percent stakes in Premier Paints.
If the deal goes through, Xenergi will own a 51 percent stake, which is 63 million shares in Premier Paints. They expect to finalize the transaction by January 2026.
Shareholders who accept the tender offer will get N38 per share, excluding any tax. This is higher than the current share price of N33.75.
The board of Premier Paints has looked at the offer and believes it is fair for all shareholders. They have recommended the offer to all.
The board also assured that no company employee was given any payment for losing their position or for retiring from any office related to the company.
Emeka Ene, the CEO of Xenergi Limited, said that Xenergi will not receive any dividends or distributions for the shares offered in the tender for the financial year ending December 31, 2025.
“Shareholders can withdraw some or all of the shares they offered until July 3, 2026. This is ten days after the tender offer starts,” he added.
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