Karachi: Clover Pakistan Limited (CLOV) has received from Kraft Foods Pakistan Limited a non-binding offer to purchase all assets of Clover Pakistan relating to the manufacture, marketing and sale of Tang including the manufacturing facilities, together with the goodwill of the business.
This non-binding offer is subject to Kraft Foods Pakistan completing a satisfactory due diligence exercise, and several other conditions, including the grant of requisite corporate and regulatory approval, inclusive of clearance from the Competition Commission of Pakistan.
The Board of Directors of Clover Pakistan has decided to enter into further discussions with Kraft Foods Pakistan Limited for the possible sale of its Tang Business to Kraft Foods Pakistan.
If following these discussions, Kraft Foods Pakistan Limited makes an acceptable final and binding offer, and the Board of Directors of Clover Pakistan decides to proceed with the sale to Kraft Foods Pakistan Limited of’ the assets associated with its Tang business, details regarding such final offer and the proposed timing of’ such sale will be duly intimated. Any such sale will of course be subject to shareholder approval.
For more information, contact:
Tasleemuddin A. Batlay
Clover Pakistan Limited
Lakson Square BLDG. No.2,
Sarwar Shaheed Road,
Karachi- 74200, Pakistan.
Phone: 92-21-3569 8000
Fax: 92-21-3568 4712