Clover Pakistan Limited (PSX: CLOV) has decided to acquire all Company Owned Company Operated (COCO) Filling / Service Stations, including those under construction, from its parent company Fossil Energy (Private) Limited (FEPL).
The Board of Directors of Clover Pakistan Limited (Clover), after careful consideration, has approved the acquisition of all Company Owned Company Operated (COCO) Filling / Service Stations, including those under construction, from its parent company Fossil Energy (Private) Limited (FEPL), the company said in a notice to Pakistan Stock Exchange (PSX) on Monday.
This acquisition is being undertaken in the ordinary course of business, on an arm’s length basis, and in accordance with industry practices. The Board has authorized the management to negotiate and finalize the terms of the acquisition.
Additionally, the Board has approved the delegation of authority to the management for the acquisition of future sites as they become available, it added.
The transaction is subject to finalization of deal terms, transaction documents and obtaining of all requisite approvals, consents and authorizations, CLOV said.
