December 01, 2023 (MLN): The Competition Commission of Pakistan (CCP) has approved the acquisition of Super Success Investments Limited (SSIL) by CRE International Co. Limited, which is a Hong Kong-based subsidiary of CNNP Rich Energy, according to a press release issued by the Commission.
Super Success Investments Limited (SSIL) is based in Mauritius.
SSIL owns 100% shareholding of UEP Wind Power (Private) Limited, a private company operating and maintaining a 99MW wind-powered electric generation facility in Pakistan.
CRE has acquired SSIL and thus indirectly acquired UEP Wind Power Pakistan.
CCP conducted a comprehensive review of the merger documentation. Given that the transaction did not lead to the dominance of the acquirer in the relevant market, the CCP has approved the merger.
This transaction serves as a testament to the growing interest of foreign investors in Pakistan's renewable energy sector.
While the transaction indirectly reflects a substantial foreign investment in the country's energy landscape, it also underscores the potential for collaborative advancements in the renewable energy domain.
