Clover Pakistan Limited (PSX: CLOV) has officially shifted its core business from food products to petroleum products, the company informed the main bourse on Wednesday.
To align with this transition, the company’s Board of Directors has proposed amending its object clause by replacing its existing sub-clauses 1 to 139. The amendments are subject to shareholder approval at an upcoming Extraordinary General Meeting (EOGM).
Under the proposed changes, Clover Pakistan will engage in the purchase, sale, storage, transportation, marketing, distribution, and trade of petroleum, oil, gas, hydrocarbons, petrochemicals, asphalt, and related products. The company may also take over similar businesses, with or without their assets and liabilities.
However, the revised object clause explicitly prohibits the company from engaging in banking, non-banking financial services, insurance, stock brokerage, forex trading, security services, or any other restricted business activities requiring regulatory approval.
Clover Pakistan has undertaken not to participate in multi-level marketing (MLM), Ponzi schemes, or lottery-based operations.
The company has assured that any permissible business activity will only be undertaken after obtaining the necessary approvals and licenses from relevant authorities. Details regarding the date, time, and venue of the EOGM will be shared with shareholders via the Pakistan Unified Corporate Action Reporting System (PUCARS).