October 01, 2023 (MLN): The Competition Commission of Pakistan (CCP) has given the green light to two mergers, paving the way for Foreign Direct Investment (FDI) and the potential mitigation of Pakistan's gas shortage, according to a press release issued by the Press Information Department.
CCP has granted approval to a UAE-based company for the acquisition of two entities engaged in the establishment and operation of an LNG terminal, as well as the import, storage, and distribution of Liquefied Natural Gas (LNG) and Re-gasified Liquefied Natural Gas (RLNG) in Pakistan.
CCP has processed the two mergers, approving the 100% acquisition of Tabeer Energy (Private) Limited and Tabeer Energy Marketing (Private) Limited (TEMPL) by the UAE-based Bison Energy FZCO.
CCP completed the Phase-1 competition assessments, conducted in accordance with Section 11 of the Competition Act, 2010. As the proposed transactions did not raise any competition concerns, the mergers were approved.
As a result of the merger transactions, Bison Energy FZCO has acquired 100% shareholding of Tabeer Energy (Private) Limited and Tabeer Energy Marketing (Private) Limited from Diamond Gas International Japan Co. Limited.
The transaction will result in foreign direct investment in Pakistan and help alleviate the gas shortage.
