Nigeria, June 17 -- The new core investor of Premier Paints, Xenergi Limited, has launched a tender offer for 2 million ordinary shares (representing a 1.6 per cent equity interest) in the company, the paint manufacturer stated in a regulatory filing on Tuesday.

AIICO Capital is the financial adviser to Xenergi in respect of the offer.

"As you may be aware, Xenergi recently acquired 61,003,350 ordinary shares of Premier Paints Plc and consequently now holds 49.60 per cent of the issued and paid-up share capital of Premier Paints," the company said.

"It is our understanding that in accordance with the provisions of the Investments & Securities Act of 2025 ("ISA"), Xenergi Plc is required to make a tender offer (the "Tender Offer" or "Of...