Clover Pakistan shifts focus from food to petroleum business

February 26, 2025 (MLN): Clover Pakistan Limited (PSX: CLOV) has recently transitioned its principal line of business from Food Products to Petroleum Products.

To align with this new direction, the company is replacing its existing object clause III and sub-clauses 1 to 139 accordingly.

The Board of Directors has resolved, subject to shareholder approval, that the principal business activity of the company shall be to purchase, acquire, sell, store, transport, market, distribute, supply, import, export, and trade in petroleum and petroleum products, including oil, gas, hydrocarbons, petrochemicals, asphalt, and bituminous substances.

Additionally, the company may undertake related activities and acquire businesses of a similar nature, with or without their assets, liabilities, rights, and privileges, according to the company's statement issued today.

The company may engage in all lawful businesses except those mentioned in sub-clause (iii).

It is not authorized to undertake activities related to Banking, Non-banking Finance, Asset Management, Leasing, Investment Advisory, REIT Management, Housing Finance, Private Equity, Venture Capital, Discounting Services, Pension Fund, Microfinancing, Corporate Restructuring, Insurance, Modaraba Management, Stock Brokerage, Forex, Clearing House, Securities and Futures Advisory, Commodity Exchange, and Security Services.

Furthermore, the company shall not engage in any business mentioned in sub-clause (iii) or any unlawful operation.

It is also prohibited from launching Multi-Level Marketing (MLM), Pyramid, or Ponzi schemes, as well as any related activities, including lottery businesses.

Additionally, the company cannot engage in any permissible business activities unless it obtains the necessary approvals, permissions, or licenses from the relevant authorities.

The transition requires approval from the company’s members through special resolutions, in accordance with Section 85 of the Companies Act, 2017.

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