ISLAMABAD: The Competition Commission of Pakistan (CCP) has granted approval to two mergers in the mining of copper and minerals sector in Balochistan.
In this regard, CCP approved the acquisition of a cumulative 66.66 % shareholding in M/s. National Resources (Private) Limited by two public listed companies.
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. The infusion of investment in this sector will give a boost to mineral exploration.
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M/s. 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 (Private) Limited from M/s. YB Pakistan Limited.
Similarly, M/s. 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 (Private) Limited from M/s. Reliance Commodities (Private) Limited.
The 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.
Copyright Business Recorder, 2024
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