Islamabad, Feb 26: Clover Pakistan Limited (PSX: CLOV) has officially announced a strategic shift in its core business, moving from food products to the petroleum sector. The company disclosed this transition in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.
To facilitate this change, Clover Pakistan’s Board of Directors has proposed amendments to its object clause, replacing existing sub-clauses 1 to 139. These modifications will be presented for shareholder approval at an upcoming Extraordinary General Meeting (EOGM).
Under the revised business model, Clover Pakistan will now engage in purchasing, selling, storing, transporting, marketing, and distributing petroleum, oil, gas, hydrocarbons, petrochemicals, asphalt, and other related products. Additionally, the company retains the option to acquire similar businesses, including their assets and liabilities.
However, the updated object clause clearly states that Clover Pakistan will not be involved in banking, financial services, insurance, stock brokerage, forex trading, security services, or any other regulated activities requiring specific approvals. The company has also committed to avoiding multi-level marketing (MLM), Ponzi schemes, and lottery-based operations.
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Clover Pakistan has assured stakeholders that it will strictly comply with regulatory requirements and obtain all necessary approvals before commencing any new business activities. Further details regarding the EOGM, including date, time, and venue, will be communicated to shareholders through the Pakistan Unified Corporate Action Reporting System (PUCARS).
This strategic realignment marks a significant milestone for Clover Pakistan, positioning the company for growth in the dynamic petroleum industry.
