Enaara Properties to acquire Sprint services following CCP merger approval

August 05, 2024 (MLN): The Competition Commission of Pakistan (CCP) has approved a merger in the real estate sector, involving Enaara Properties Rawalpindi Ltd acquiring 100% of the shareholding in Sprint Services Rawalpindi Ltd under a Share Purchase Agreement.

Sprint Services Rawalpindi is a public unlisted company with a business footprint in developing commercial real estate.

It owns a shopping mall in a prime location in Rawalpindi. Its major shareholders include FYC (Pvt) Ltd, a private limited company, and two individuals.

Whereas, Enaara Properties is a holding company specifically established to execute this acquisition and to conduct business in real estate sector.

The CCP’s Phase I competition assessment identified 'Real Estate' as the relevant product market.

CCP concluded that the merger would not alter the current market dynamics or lead to a dominant position, ensuring that competition within the sector remains unaffected.

Under the Competition Act, 2010, the CCP is responsible for assessing mergers to prevent anti-competitive practices and ensure fair competition.

The CCP's approval signifies that the merger does not pose a threat to competitive market conditions.

By approving this merger, the CCP strives to ensure compliance with competition law while potentially fostering growth and stability in Pakistan’s real estate sector.

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