SHC restrains Sindh Bank's unauthorized sale of Clover Pakistan's shares

MG News | February 07, 2024 at 02:30 PM GMT+05:00

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February 07, 2024 (MLN): The Sindh High Court (SHC) on Wednesday issued a restraining order against Sindh Bank, prohibiting any further sale of Clover Pakistan Ltd (PSX: CLOV) shares, the company's filing on PSX revealed today.

To note, 11.5 million shares of Clover Pakistan were pledged with Sindh Bank and the bank has executed the sale of 1.5 million shares without prior notice or information to Fossil Energy Pvt Ltd, the parent company of CLOV.

The principal business of the CLOV includes the sale of food products, consumer durables, chemicals and lubricants and also the import & trade of gantry equipment's 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.

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