Clover Pakistan Limited (PSX: CLOV) said Monday its board of directors has approved the acquisition of all Company Owned Company Operated (COCO) filling and service stations, including those under construction, from its parent firm Fossil Energy (Private) Limited.
The company informed the Pakistan Stock Exchange that the acquisition will be carried out in the ordinary course of business on an arm’s length basis and in line with industry practices. Management has been authorized to negotiate and finalize the terms of the transaction.
The board also delegated authority to management for acquiring future sites as they become available.
Clover said the deal remains subject to finalization of terms, execution of transaction documents, and receipt of all necessary approvals and consents.
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