Karachi February 7 2024: Sindh Bank sold 1.5 million shares of Clover Pakistan pledged by its parent company, according to company filing to the exchange.
In a crucial development regarding the shares of Clover Pakistan Ltd, held by our Parent Company, Fossil Energy Pvt Ltd. Clover Pakistan Parent Company has recently apprised the company that 11.5 million shares of Clover Pakistan were pledged with Sindh Bank. Shockingly, the bank has executed the sale of 1.5 million shares without prior notice as information to fossil Energy Pvt Ltd.
As of today, the Honorable Sindh High court has issued a restraining order against the bank, prohibiting any further sale of Clover Pakistan Ltd shares.
Clover Pakistan Ltd was incorporated in Pakistan on September 30, 1986 as a Public Listed Company under the repealed companies ordinance, 1984 (now Companies Act 2017). The principal business of the Company includes sale of food products, consumer durables, chemicals and lubricants and also import & trade of gantry equipment's air/oil filter and other car care products. The Company is also involved in marketing & distribution and after sales support of office automation products, fuel dispensers, vending machines and digital screens.