CLOV discloses negotiations for sale of 23% stake
MG News | May 08, 2026 at 04:11 PM GMT+05:00
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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