Clover Pakistan Limited (CLOV) announced on Monday that it had been approved by the Board of Directors to acquire a 40% equity of Quick Gases (Private) Limited.
The company announced this via a notice to the Pakistan Stock Exchange today.
The notice shared that the company intends to obtain management control, “enabling the company to participate in and influence the operational, financial, and strategic decision-making of the investee company”.
It added that the board had authorised the management to execute a Share Purchase Agreement (SPA) with the existing shareholders for the acquisition of a 40% equity stake in the target company.
“The board has also granted approval to the management to undertake and complete all necessary regulatory and statutory formalities in connection therewith, the company informed the bourse.
Quick Gases (Private) Limited is engaged in the development of LPG storage, marketing and distribution facilities and holds the necessary regulatory approvals, including an OGRA construction licence.
The project includes Liquefied Petroleum Gas (LPG) storage infrastructure, filling capacity, and distribution capability, positioning it for commercial operations upon completion, the notice read.
CLOV was incorporated in Pakistan as a publicly listed company in 1986.
The company is engaged in the sale of consumer durables, food products, chemicals and lubricants, as well as the import and trade of gantry equipment’s air/oil filter and other car care products.
Earlier, Mecom Gas Pvt Ltd, a Pakistani LPG marketing and distribution company, shared that it was considering an initial public offering (IPO) on the PSX to raise $20 million for the construction of a liquefied petroleum gas storage facility.
The company seeks to build 3,000 tons of storage capacity with the proceeds
