Clover Pakistan Limited has announced that its Board of Directors has approved the acquisition of all Company Owned Company Operated (COCO) filling and service stations, including those under construction, from its parent company, Fossil Energy (Private) Limited (FEPL).
“The transaction is subject to finalization of deal terms, transaction documents and obtaining of all requisite approvals, consents and authorizations,” the company announced this in a notice to the Pakistan Stock Exchange (PSX) today.
It added that the acquisition is being undertaken in the ordinary course of business, on an arm’s length basis, and in accordance with industry practices.
“The Board has authorized the management to negotiate and finalize the terms of the acquisition.
Additionally, the Board has approved the delegation of authority to the management for the acquisition of future sites as they become available,“ the company informed the bourse.
Clover Pakistan Limited was incorporated in Pakistan as a publicly listed company in 1986.
The company is engaged in the sale of consumer durables, food products, chemicals, and lubricants as well as the import of trade of gantry equipment air/oil filters, and other car care products.
The company’s activities also include marketing, distribution, and post-sales support of office automation products, vending machines, fuel dispensers, and digital screens.
