CCP approves merger of Cyan, DH Partners into DLL

March 19, 2026 (MLN): The Competition Commission of Pakistan (CCP) has approved the merger of Cyan Limited and DH Partners Limited into Dawood Lawrencepur Limited, as part of an internal restructuring within the Dawood Group. 

The decision follows a review conducted under the Competition Act, 2010, with the regulator concluding that the transaction is unlikely to harm market competition.

According to a press release issued, the merger will be carried out under a Scheme of Amalgamation dated December 16, 2025. Under this arrangement, all assets, liabilities, and obligations of Cyan Limited and DH Partners Limited will be consolidated into Dawood Lawrencepur Limited (DLL), with shares of DLL issued to the shareholders of the merging entities.

Dawood Lawrencepur Limited, a publicly listed subsidiary of Dawood Corporation, primarily manages investments in renewable energy, including wind and solar projects, along with maintaining a diversified portfolio in local capital markets. 

Cyan Limited is also a listed investment company focused on high-growth equity investments, while DH Partners Limited operates as an investment management firm and was listed on the Pakistan Stock Exchange in early 2025.

The CCP noted during its Phase-I competition assessment that all three companies function mainly as investment vehicles managing portfolios across multiple sectors. 

It determined that the merger represents an internal restructuring among associated companies under common management control.

After evaluating the available information, the regulator concluded that the transaction would neither create nor strengthen a dominant market position, nor significantly reduce competition. 

As a result, the merger has been authorized under Section 31(1)(d)(i) of the Competition Act, 2010.

The CCP added that such restructuring efforts can enhance efficiency in investment management and strengthen institutional capacity, while ensuring alignment with competition principles and maintaining healthy market dynamics.

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