CCP approves merger of Cyan, DH Partners into Dawood Lawrencepur

The Competition Commission of Pakistan (CCP) approved on Wednesday the amalgamation of Cyan Limited and DH Partners Limited into Dawood Lawrencepur Limited (DLL) following a review under the Competition Act, 2010.

The approved transaction relates to a Scheme of Amalgamation dated 16 December 2025, under which Cyan Limited and DH Partners Limited will be merged into Dawood Lawrencepur Limited, the CCP said in a press release.

As part of the arrangement, all assets, liabilities, and obligations of the merging entities will be consolidated into DLL, with shares of Dawood Lawrencepur Limited to be issued to the shareholders of Cyan Limited and DH Partners Limited.

In its Phase-I competition assessment, the CCP observed that all three companies operate primarily as investment vehicles, managing portfolios and investments across different sectors.

“The proposed transaction represents an internal restructuring within the Dawood Group, as the entities involved are associated companies under the same management control.”

After reviewing the available information, the Commission concluded that the amalgamation would not create or strengthen a dominant position nor substantially lessen competition in the relevant market.

“The merger is therefore unlikely to raise competition concerns. Accordingly, the Commission authorised the transaction under Section 31(1)(d)(i) of the Competition Act, 2010.

Such corporate restructuring can improve efficiency in managing investment portfolios and strengthen institutional investment capacity.”

Through its review, the CCP ensures that these transactions are aligned with competition principles and do not adversely affect market dynamics, the commission added.

Earlier, DH said that shareholders of DH Partners, excluding Dawood Lawrencepur, will receive 4.7724 ordinary shares of DLL for every 100 ordinary shares held in DHPL, while Cyan shareholders will be “issued 7.2974 ordinary shares of DLL for every 100 ordinary shares” held.

“These swap ratios have been approved by the Board of Directors of DHPL based on audited special purpose financial statements of DHPL, Cyan and DLL for the period ended October 31, 2025, valuations of the immovable properties carried out by external independent valuers, and calculations performed by an independent financial advisor jointly appointed by the companies for the scheme,” read the notice to the Pakistan Stock Exchange.

Dawood Lawrencepur Limited is a publicly listed company and a subsidiary of Dawood Corporation (Private) Limited, primarily engaged in managing investments in subsidiaries and associated companies involved in renewable energy solutions, including wind and solar energy, as well as maintaining an investment portfolio in local capital markets.

Cyan Limited is also a publicly listed investment company and a subsidiary of Dawood Corporation, focusing on equity investments in companies with high growth potential. DH Partners Limited is an investment management company that manages equity investments and was listed on the Pakistan Stock Exchange in February 2025.