Clover Pakistan approves acquisition of COCO filling and service stations
MG News | September 15, 2025 at 05:19 PM GMT+05:00
September 15, 2025 (MLN): Clover Pakistan
Limited(PSX:CLOV) 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.
The transaction will be undertaken in the ordinary course of
business, on an arm’s length basis, and in line with industry practices, according
to the company's statement issued today.
The Board has authorized the management to negotiate and
finalize the terms of the acquisition.
The statement further noted that the Board has also
delegated authority to the management for the acquisition of additional sites
as they become available.
However, the deal remains subject to finalization of
transaction documents and obtaining all requisite approvals, consents, and
authorizations.
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