ISLAMABAD: The Competition Commission of Pakistan (CCP) has granted approval to eight Merger & Acquisition applicants in the major sectors of the economy including microfinance banking, pharmaceutical, financial services, wind power, coal mining and automotive during June 2020.
The latest data available with the CCP revealed that the eight Merger & Acquisition approved by CCP are; Acquisition of Shareholding by M/s Societe De Promotion Et De Participation Pour La Cooperation Economique in M/s NRSP Microfinance Bank Limited, Acquisition of Certain Assets of M/s Bayer Pakistan (Pvt) Limited by M/s Novartis Pharma (Pakistan) Limited, Acquisition of shareholding in M/s Act2 Wind (Pvt) Limited by multiple Applicants, Acquisition of Shareholding by M/s Infotech (Pvt) Limited and 10% Shareholding by M/s. ISE Tower REIT Management Company Ltd in M/s MCB Financial Services Ltd, Acquisition of Shareholding in M/s Act2 Wind (Pvt) Limited by Ahmed Muhammad from Asad Iqbal, Metro Wind Power Co Ltd by CDC Pakistan, SA Coal Holdings by Seriti Resources and In the matter of the Issuance and Subscription of 206.4 Million Ordinary Shares of M/s Hyundai Nishat Motor (Pvt) Limited by M/s Sojitz Corporation, M/s Nishat Mills Limited, M/s Millat Tractors Limited, M/s D G Khan Cement Company Limited, M/s Security General Insurance Company Limited and M/s Adamjee Insurance Company Limited.
This reflects that even in the challenging time of COVID-19 pandemic, the CCP ensured its smooth functioning by extending facilitation to the stakeholders. An Online Merger and Acquisition Application filing system has also been launched to facilitate the local and foreign investors in filing merger applications online.
Through this newly-launched online system, companies can submit the required documents electronically using a predefined format through an online software application provided by the CCP. An undertaking anywhere in Pakistan or abroad can now request for Merger and Acquisition NOC and also track the application online through this system, which can be accessed at the CCP's website (www.cc.gov.pk).
The CCP officials said that Pakistan is a compulsory merger regime where the companies/undertakings seeking mergers, acquisitions, or joint ventures and meeting the prescribed threshold stipulated in the merger regulations, have to apply for clearance from the CCP under section 11 of the Competition Act, 2010.
The CCP is committed to support and facilitate all its stakeholders, regardless of their public or private ownership, with the aim of promoting competition. Online facilitation by CCP is a step toward ensuring ease of doing business in the country. Throughout the pandemic and the consequent lockdown in the country, the CCP continues its work to protect consumers, provide guidance to businesses, and protect competition in the marketplace, officials added.
Copyright Business Recorder, 2020