CCP approves Cyan Ltd, DH Partners merger with Dawood Lawrencepur

ISLAMABAD: The Competition Commission of Pakistan (CCP) Wednesday approved a merger as part of a corporate restructuring within the Dawood Group, following a review under the Competition Act, 2010.

The transaction involves the amalgamation of Cyan Limited and DH Partners Limited into Dawood Lawrencepur Limited (DLL).

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. 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.

Dawood Lawrencepur Limited is a public 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 public 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.

In its Phase-I competition assessment the Commission 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 authorized 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.

Copyright Business Recorder, 2026