The board of Portland Paints Plc, on Tuesday announced a takeover bid by Xenergi Plc for up to 2,000,000 ordinary shares of Premier Paint Plc.
The bid, representing about 1.63% of the issued and paid-up capital of Premier Paint, follows the June 8, 2026 acquisition of 61,003,350 ordinary shares representing a 49.60% equity stake in Premier Paint Plc.
Should the takeover bid succeed, the stake held by Xenergy Plc in Portland Paint will rise to 51.22%.
As a way of encouraging existing shareholders to accept the Mandatory
Takeover which will open between July 13 and August 7, they are being offered “a cash consideration of ₦38.00 per Offer Share acquired by Xenergi, net of any applicable taxes.”
This represents a premium of approximately 25% to the market price of ₦30.04 per share as at June 25, 2026.
According to the offer document made available on the Nigerian Exchange Limited portal, on May 25, 2026 the Board of Xenergi Plc made a Takeover bid to all Qualifying Shareholders, for the acquisition of the Offer Shares, followed by execution of a Share Sale and Purchase Agreement executed by Xenergi Plc and Premier Paint Plc.
The agreement detailed the terms and conditions of the acquisition concluded following receipt of the required regulatory approvals from the Federal Competition and Consumer Protection Commission (FCCPC); the Securities & Exchange Commission and the Nigerian Exchange Limited (NGX).
The “qualifying shareholders, who accept the Offer, will receive cash payments of N38.00k, net of any applicable tax, per every ordinary share purchased by Xenergi
Investdata News findings show that Xenergy Plc, an energy company that converts natural gas into cleaner energy products like LPG and Propane, is majority owned by Oildata Holdings (90.5%), which is closely tied to the Oildata Energy Group. The group (also known as Oildata Wireline Services, established in 1993), is a major upstream energy solutions provider headquartered at Plot 282, Trans-Amadi Industrial Layout in Port Harcourt, Nigeria.
