The Competition Commission of Pakistan (CCP) has granted approval to two mergers in the mining of copper and minerals sector in Balochistan.
CCP approved acquisition of a cumulative 66.66 % shareholding in National Resources (Private) Limited by two public listed companies – Lucky Cement Limited and Fatima Fertilizer Company Limited.
National Resources (Private) Limited is a private limited company engaged in the exploration, survey, extraction, excavation, mining, and boring of minerals. Its primary purpose is the potential development of the mineral sector in Balochistan.
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“The infusion of investment in this sector will give a boost to mineral exploration,” CCP spokesperson said in a statement on Thursday.
Lucky Cement Limited, a public listed company engaged in the manufacturing and marketing of cement, sent a pre-merger application to acquire 33.33% shares in National Resources from Y.B. Pakistan Limited.
Similarly, Fatima Fertilizer Company Limited, a public listed company, engaged in the manufacturing, producing, buying, selling, importing, and exporting of fertilizers and chemicals, sent a pre-merger application to acquire 33.33 % shareholding in National Resources from Reliance Commodities (Private) Limited.
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“CCP approved the mergers as the proposed transactions did not lead to the acquirers’ gaining dominance in the relevant market post-transaction.
“Lucky Cement and Fatima Fertilizer’s interest in investing in the mining sector signifies a positive shift towards economic diversification and growth, promising to unlock new opportunities and drive innovation,” the spokesperson said.
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