Fossil Energy proposes Clover as sole operator for COCO stations

By MG News | December 19, 2023 at 01:17 PM GMT+05:00

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December 19, 2023 (MLN): Clover Pakistan Limited (PSX: CLOV) has received a proposal from Fossil Energy (Private) Limited (FEPL) regarding the appointment of Clover as its sole dealer to manage, operate, and maintain FEPL's Company Owned Company Operated (COCO) Filling / Service Stations including Agri sites, company's filing on PSX revealed today.

In order to consider the aforesaid proposal, the Clover will conduct a meeting of the Board of Directors (BoD) shortly.

The principal business of Clover includes the sale of food products, consumer durables, chemicals, and lubricants and also the import & trade of gantry equipment air/oil filters, and other car care products.

The company is also involved in marketing & distribution and after-sales support of office automation products, fuel dispensers, vending machines, and digital screens.

At the time of writing, the company’s share is being traded at Rs29.90, down by 1.08 rupees or 3.49% compared to its previous close.

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