Chairman of Premier Paints, Chief Ogo-Oluwa
Trans Global Holdings Limited (TGHL), a Nigerian holding company, has bought 51 per cent of Premier Paints Plc, making TGHL the controlling shareholder of the company.
Speaking at the 18th Annual General Meeting (AGM) of the company, the Chairman of Premier Paints, Chief Ogo-Oluwa, said the final entrance of the new core investor, would boost the performance of the company going forward.
According to him, with the funds from the special placement of shares, the company is in a good financial position to execute the proposed expansion of its operation.
Reviewing the performance of the company for the 2011 financial year, Bankole said its turnover rose from N166 million in 2010 to N182 million at the 2011 year-end, while gross profit grew from N32.5 million to N39.6 million in 2011.
Meanwhile, in order to reflect its majority shareholding, TGHL has nominated two directors to board of Premier Paints
The two directors are: Mrs. Uloma Umeano, who was the Marketing Manager, Microsoft Nigeria/Ghana.
A statement from the company said Umeano was coming with experience in various markets including information and communication technology, financial services, marketing and advertising, publishing and non-profit organisations.
The second director Mr. Muhammed Olatunde Balogun, who has over 15 years working experience in various capacities covering general management, customer service, manufacturing, sales and marketing, project and facilities management.
Also at the AGM, Bankole informed the shareholders of the resignation of Alhaji Fatai Lawal and Mr. Olusola Bankole as directors of the company and the appointment of Alhaji Rasheed Yusuff and Dr. Banji Oyebami as directors to replace the resigning directors.