Xenergi Plc has officially launched a Mandatory Tender Offer (MTO) to acquire 2 million ordinary shares of Premier Paints Plc, representing a 1.63 percent equity stake in the company.
This Tender Offer for 2 million ordinary shares of Premier Paint at N38 per share amounting to N76 million represents an offer for 1.63 percent of the shares in Premier Paint not presently held by Xenergi.
Xenergi Plc had on June 8 acquired 61,003,350 ordinary shares in Premier Paint Plc representing a 49.60 percent equity stake. Xenergi Plc and Premier Paint Plc executed a Share Sale and Purchase Agreement detailing the terms and conditions of the acquisition. The acquisition was concluded following receipt of the required regulatory approvals from the FCCPC; SEC and the NGX.
In accordance with Section 142(4) of the ISA Act 2025, Xenergi Plc is required to make a Tender Offer to all the other shareholders of Premier Paint Plc. Consequently, on December 5, 2025, the Board of Xenergi Plc granted approval for a Tender Offer to be made to all qualifying shareholders, for the acquisition of the offer shares. Related News Conoil's profit rises 12-fold to N3.9bn as share price gains Nigerians turn to AI for shopping while demanding stronger fraud protection – Report Lagos closes Iddo Bridge to traffic, announces alternative routes
