Clover Pakistan Limited on Friday informed the Pakistan Stock Exchange (PSX) that the existing approximately 23% shareholding held by Fossil Energy (Private) Limited in the company is currently under negotiation for a potential sale and transfer.
According to the company’s disclosure, the negotiations are taking place between Fossil Energy (Private) Limited and UAE-based Irbanah Venture International LLC – FZ.
Proposed Transaction Still Under Negotiation
Clover Pakistan stated that the proposed transaction has been advised by Fossil Energy and IRBANAH but remains subject to ongoing negotiations and has not yet been finalised or concluded.
The company clarified that completion of any potential transaction would depend on mutual agreement between the parties, execution of definitive documentation, fulfillment of due diligence requirements, and receipt of all necessary corporate, regulatory and statutory approvals.
Compliance With SECP and PSX Regulations
Clover Pakistan further stated that any eventual transfer of shares would be carried out in compliance with the applicable provisions of the Companies Act, 2017, the Securities Act, 2015, and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.
The company also confirmed that all relevant disclosure obligations prescribed by the Securities and Exchange Commission of Pakistan (SECP) and Pakistan Stock Exchange Limited (PSX) would be fulfilled.
Company Issues Clarification for Transparency
The company emphasised that the notification was being issued solely for transparency and regulatory compliance purposes.
Clover Pakistan clarified that the disclosure should not be interpreted as confirmation that the transaction has been completed.