The Competition Commission of Pakistan (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.
The approval will pave the way for Foreign Direct Investment (FDI) and the potential mitigation of Pakistan’s gas shortage.
CCP has processed the two mergers, approving the 100 percent acquisition of Tabeer Energy (Private) Limited and Tabeer Energy Marketing (Private) Limited (TEMPL) by the UAE-based Bison Energy FZCO.
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.
It is noteworthy to mention here that 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.
Source: Pro Pakistani