CCP archives major milestones; approves 59 mergers, 43 exemption during FY 2019-20
ISLAMABAD: The Competition Commission of Pakistan (CCP), in the fiscal year 2019-20, has processed and granted approval to 59 Merger and Acquisition applications against the annual target of 50, showing the CCP’s promising performance to facilitate the local and foreign investors despite the limitations caused by COVID-19 pandemic, said a press release issued here.
Out of the total 59 approvals, 51 were Acquisitions, 5 Mergers and 3 Joint Ventures applications. The major sectors where these mergers and acquisitions took place include automotive, household products, food, sugar, oil, power, freight, LNG, insurance, agriculture, coal mining, logistics, pharmaceutical, chemicals, petroleum, healthcare, leasing, plastic, textile, hospitality, financial services, digital payments, mobile phone, investment, IT Hardware, wind power, and micro-finance banking.
Moreover, the CCP also processed and granted Exemptions to 43 undertakings under the Section 5 of Competition Act, 2010. CCP grants exemptions to notified agreements between companies from the prohibition of Section 4 of the Competition Act, on the basis of an individual assessment. Restrictive agreements qualify for exemption if their benefits to general welfare (product improvement, technical or economic progress, benefits to consumer) outweigh their restrictive effects on competition. - APP