Engro Corp's business restructuring gains CCP approval

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MG News | July 13, 2024 at 02:48 PM GMT+05:00

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July 13, 2024 (MLN): The Competition Commission of Pakistan (CCP) has approved a merger for capital allocation and resilience portfolio involving the group restructuring of three merging parties; Dawood Hercules Corporation Ltd (DAWH), Engro Corporation Ltd (ENGRO), and DH Partners Ltd.

DH Corp is a publicly listed company that deploys and manages equity investments across a diverse range of sectors in Pakistan.

Apart from the capital deployed through its subsidiaries, DH Corp actively invests in local public equities and money markets and is currently evaluating investment opportunities in the private space.

Meanwhile, Engro Corporation is among one of the largest Pakistani conglomerates with business expansion in essential sectors like fertilizer, PVC resin, food, energy, LNG terminals, telecommunication infrastructure, chemical terminal and storage facilities.

The proposed restructuring will make Engro Corp the wholly-owned subsidiary of DH Corp. whereas, a carved-out portfolio of DH Corp would be transferred to DH Partners.

The CCP’s Phase I competition assessment identified ‘Investment Services’ as the reportable product market.

The market position of the merging parties would remain the same, leading no suspicion of dominance in reportable market.

With this approval, CCP aims to synergize the capital allocation efforts of Pakistan’s leading industrial giants which are presently pursuing investments independently.

With productive capital deployments, the industrial players will be adequately facilitated especially in a challenging macroeconomic landscape.

Copyright Mettis Link News

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