Clover Pakistan to Acquire COCO Filling Stations from Parent Firm Fossil Energy

Clover Pakistan Limited has announced that its Board of Directors has approved the acquisition of all Company Owned Company Operated (COCO) filling and service stations, including those currently under construction, from its parent company, Fossil Energy (Private) Limited (FEPL).

In a notice submitted to the Pakistan Stock Exchange (PSX), the company stated that the transaction remains subject to the finalization of deal terms, transaction documents, and receipt of all requisite approvals, consents, and authorizations.

The Board further authorized the management to negotiate and finalize the acquisition terms and also delegated authority for pursuing future site acquisitions as opportunities arise.

Clover Pakistan, incorporated in 1986 as a publicly listed company, operates across diverse sectors including consumer durables, food products, chemicals, and lubricants. The company is also engaged in importing and trading gantry equipment, air/oil filters, and other automotive care products, along with marketing and distribution of office automation systems, vending machines, fuel dispensers, and digital display screens.