Karachi: Fossil Energy (Private) Limited, a significant stakeholder in Clover Pakistan Limited, has recently expanded its holdings by acquiring an additional 500,000 shares. The transaction, executed on January 6, 2025, involved the purchase of shares at a rate of 52.00 per share, increasing Fossil Energy’s cumulative shareholding to 15.40 million shares, now representing 49.45% of the company.

According to information available from the Pakistan Stock Exchange (PSX), this substantial acquisition by Fossil Energy highlights a strategic move to strengthen its position within the company. The transaction details indicate that the shares were acquired in the Central Depository Company (CDC) through the negotiated deal market (NDM).

This acquisition will be presented in the upcoming board meeting of Clover Pakistan Limited, as mandated by clause 5.6.4 of the PSX Regulations. The company has confirmed that the holding period for this transaction exceeds six months. Should it fall within a six-month period, the Securities and Exchange Commission of Pakistan (SECP) requires the deposit of any equivalent profit by cheque, with notification to the PSX, in accordance with Section 105 of the Securities Act, 2015.

The designated market category for this transaction underscores its significance, as it represents a considerable portion of Clover Pakistan Limited’s total shareholding. Fossil Energy’s increased stake reflects its confidence and commitment to the future prospects of Clover Pakistan Limited.