Clover Pakistan shifts focus from food to petroleum business, seeks shareholder approval

Clover Pakistan Limited has announced a strategic shift in its core business, transitioning from food products to the petroleum sector. The decision, taken in a board meeting on February 25, 2025, is subject to shareholder approval at the upcoming Extraordinary General Meeting (EoGM).

Under the proposed amendments, Clover Pakistan will now engage in the trading, import, export, distribution, and marketing of petroleum products, including oil, gas, hydrocarbons, petrochemicals, asphalt, and bituminous substances. Additionally, the company may acquire and manage similar businesses, with or without their assets, liabilities, and trademarks.

While expanding into petroleum trading, Clover Pakistan has explicitly stated that it will not engage in banking, insurance, stock brokerage, venture capital, or microfinance operations. 

Furthermore, the company has pledged to avoid multi-level marketing (MLM), Ponzi schemes, and lottery businesses, ensuring compliance with financial regulations.

Following the transition announcement, Clover’s  Clover Pakistan’s stock price rose 6.36% to Rs57.66, reflecting investor confidence in the company’s strategic shift. 

The transition is subject to special shareholder resolutions, as required under Section 85 of the Companies Act, 2017. The company will announce the date, time, and venue of the EoGM separately through PUCARS.