CLOV discloses negotiations for sale of 23% stake

MG News | May 08, 2026 at 04:11 PM GMT+05:00

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May 08, 2026 (MLN): Clover Pakistan Limited (PSX:CLOV) has informed that, Fossil Energy (Private) Limited, is in negotiations with Irbanah Ventures International LLC - FZ of the United Arab Emirates for the potential sale and transfer of approximately 23% shareholding in the Company.

The proposed transaction, advised by both Fossil Energy and IRBANAH, remains subject to ongoing negotiations and has not yet been finalized, according to the company's filing on PSX.

Completion will be conditional upon execution of definitive documentation, fulfillment of due diligence requirements, and receipt of all necessary corporate, regulatory, and statutory approvals.

Clover Pakistan confirmed that any eventual share transfer will comply with the Companies Act 2017, the Securities Act 2015, the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations 2017, and all applicable SECP and PSX disclosure obligations.

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