Clover Pakistan Limited (PSX: CLOV) announced its strategic shift from the food sector to the petroleum industry. The company disclosed this significant change to the main bourse on Wednesday.

To support this transition, the Board of Directors has proposed amending its object clause by replacing the existing sub-clauses 1 to 139. These changes await shareholder approval at an upcoming Extraordinary General Meeting (EOGM).

According to the proposed amendments, Clover Pakistan will now focus on the purchase, sale, storage, transportation, marketing, distribution, and trade of petroleum, oil, gas, hydrocarbons, petrochemicals, asphalt, and related products. The company may also consider acquiring similar businesses, with or without their assets and liabilities.

The revised object clause explicitly prohibits the company from engaging in banking, non-banking financial services, insurance, stock brokerage, forex trading, security services, or any other restricted activities that require regulatory approval.

Clover Pakistan has committed to not participating in multi-level marketing (MLM), Ponzi schemes, or lottery-based operations. Any permissible business activities will only be undertaken after obtaining the necessary approvals and licenses from relevant authorities. Shareholders will be informed about the date, time, and venue of the EOGM through the Pakistan Unified Corporate Action Reporting System (PUCARS).