CCP approves 13 acquisition in various sectors of economy

Staff Reporter

Islamabad

The Competition Commission of Pakistan, as a part of its statutory mandate, has recently approved 13 notified acquisitions in various sectors of Pakistan’s economy.
All these acquisitions have the potential to bring in Foreign Direct Investment (FDI) and creating jobs in the country, and are key to realizing Pakistan’s ambition of becoming a regional leader in terms of economy and industry, said in statement issued by CCP here on Monday.
Moreover, the willingness of foreign investors to target companies in Pakistan for joint ventures and acquisitions, as evidenced by the transactions cleared by the Commission, is a testament to Pakistan’s ever improving investment climate.
In Power Generation, the Commission has approved the acquisition of shareholding in ThalNova Power Thar (Pvt.) Limited by Hub Power Holdings Limited, a subsidiary of Hub Power Company Limited, which has a combined power generation capacity of over 1600 MW.
The target in this acquisition also owns and operates a coal-fired power generation plant at Thar, Sindh. In Healthcare, the Commission has approved UPL Corporation’s acquisition of Arysta LifeScience Inc., including its local subsidiary Arysta LifeScience Pakistan (Pvt.) Ltd.
This was a global transaction, and was notified in 14 countries and regions worldwide, including the European Union and United States of America. In the Pharmaceutical sector, the Commission has approved SAAS Enterprises’ acquisition of shareholding in Macter International Limited, one of Pakistan’s leading pharmaceutical companies with over 30 years of global experience.
SAAS Enterprises was primarily formed as a real estate investment company with the aim to acquire strategic real estate assets, however the company also makes long term equity investments.
The Commission has also approved the acquisition of Alfalah Securities (Private) Limited by CLSA JV Holdings Private Limited, a company incorporated in Singapore. Alfalah Securities is owned by Bank Alfalah, Pakistan’s 6th largest bank. Founded in Hong Kong in 1986, CLSA has 20 offices across the globe in Asia, Australia, Europe and the Americas.
The acquisition of shareholding in IGI Holdings Limited by an individual was also approved. IGI Holdings is an investment holding company belonging to the same group as IGI Life Insurance, IGI General Insurance, Packages Limited, Tri-Pack Films Limited and OMYA.

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