CCP approves joint acquisition of Uch Power by Sapphire Fibres, Mindbridge

News Image

By MG News | October 10, 2024 at 04:09 PM GMT+05:00

0:00

October 10, 2024 (MLN):  The Competition Commission of Pakistan (CCP) has approved the joint acquisition of Uch Power (Private) Limited and Uch-II Power (Private) Limited by Sapphire Fibres Limited (Acquirer 1) and Mindbridge (Private) Limited (Acquirer 2).

The acquisition, formalized through a Sale and Purchase Agreement with UPLHC-I Limited (Seller 1), UPLHC-II Limited (Seller 2), and International Power Uch Holdings B.V. (Seller 3), will transfer 100 percent of the shares of Uch Power I and Uch-II Power to the acquirers.

The total cost for the acquisition includes a significant investment for both Uch Power I and Uch Power II. Both Sapphire Fibres Limited and Mindbridge Private Limited will equally share ownership, holding a 50% stake in each of the power plants.

Sapphire Fibres, a publicly listed company, operates in textiles manufacturing and power generation through its subsidiary, Sapphire Electric Company. Mindbridge, a private IT services provider, will now enter the power generation sector with this acquisition.

Uch Power and Uch-II Power are active in Pakistan’s thermal power sector, with gas-powered plants. The acquisition will increase Sapphire Fibres' market presence in thermal power generation, while Mindbridge will mark its entry into the power generation industry through the proposed transaction.

The CCP’s analysis has determined that the relevant product market for this transaction is ‘Thermal Power Generation – Independent Power Producer’ within Pakistan. The acquisition will not lead to market dominance by the Acquirers, ensuring continued competition in the sector.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 128,199.43
336.91M
2.05%
2572.11
ALLSHR 79,787.62
1,023.63M
1.53%
1202.91
KSE30 39,105.00
121.90M
2.49%
951.21
KMI30 186,915.61
131.16M
1.10%
2029.11
KMIALLSHR 54,201.88
553.60M
0.81%
438.07
BKTi 33,476.68
51.49M
4.87%
1555.00
OGTi 27,962.58
9.77M
0.68%
188.60
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 107,085.00 108,105.00
106,625.00
-1150.00
-1.06%
BRENT CRUDE 66.95 67.50
66.34
0.21
0.31%
RICHARDS BAY COAL MONTHLY 97.50 97.50
97.50
0.70
0.72%
ROTTERDAM COAL MONTHLY 103.80 103.80
103.80
-3.45
-3.22%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 65.44 65.98
64.67
0.33
0.51%
SUGAR #11 WORLD 15.73 16.21
15.67
-0.47
-2.90%

Chart of the Day


Latest News
July 01, 2025 at 05:24 PM GMT+05:00

Gold price in Pakistan rises Rs6,600 per tola


July 01, 2025 at 04:53 PM GMT+05:00

PSX proposes key regulatory amendments


July 01, 2025 at 04:30 PM GMT+05:00

Cement dispatches likely to drop 28% MoM in June 2025


July 01, 2025 at 04:11 PM GMT+05:00

PSX Closing Bell: Breaking Records, Breaking Ground


July 01, 2025 at 03:28 PM GMT+05:00

June inflation falls to 3.2%



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg