Islamabad, May 12, 2025: The Sindh High Court has issued a stay order preventing the sale of Clover Pakistan Limited (PSX: CLOV) to Sindh Bank Limited, the company disclosed in a notice to the Pakistan Stock Exchange.
“Our parent company Fossil Energy (Pvt) Limited has conveyed that the Honorable Sindh High Court has granted a stay order restraining the sale of shares, which were pledged with Sindh Bank Limited,” the company said in the stock filing.
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“Defendants are restrained from the sale of the plaintiff’s shares in Clover Pakistan Limited, or any of the plaintiff’s properties,” the court order briefly stated.
The decision comes amid an ongoing legal dispute over pledged shares, adding uncertainty to the company’s ownership and future transactions.
The court’s intervention signals potential complications in the deal, pending further legal proceedings.
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Clover Pakistan Limited is engaged in the trading of food items, consumer goods, chemicals, lubricants, and the import and distribution of gantry equipment, automotive filters, and car care products.
The company also offers marketing, distribution, and after-sales support for office automation devices, fuel dispensers, vending machines, and digital displays.
