Karachi: We refer to our letter dated 26 March 2012 wherein we had informed you that on 22 March 2012 the Company and Kraft Foods Pakistan Limited catered into an Asset Purchase Agreement whereby the Company has agreed to sell to Kraft Foods Pakistan Limited certain assets and intangibles relating to the Company’s Tang business.
We are now pleased to inform you as of 02 April 2012 the transaction has Closed and that the Company has sold and transferred its manufacturing facilities and other assets relating to its Tang business to Kraft Foods Pakistan Limited, and that the Company has as of that date ceased to manufacture the Tang product. The Company has received 92% of the sale consideration for the assets and the entire consideration for the inventory, and the remaining 8% of the consideration for the assets will be paid after 12 months of the Closing. Further, as mentioned in our letter of 26 March 2012 the Company will provide transitional services to Kraft Foods Pakistan Limited for the distribution of the Tang product for a limited period of time.
For more information, contact:
Tasleeemuddin A. Batlay
Director
Clover Pakistan Limited
Lakson Square BLDG. No.2,
Sarwar Shaheed Road,
Karachi- 74200, Pakistan.
Phone: 92-21-3569 8000,
Fax: 92-21-3568, 4712 92-21-3558 3568, 3568 3410
E-mail: clover@clover.com.pk