close
Sunday April 21, 2024

CCP issues NOC for two mergers in copper/minerals mining sector

National Resources is a private limited company, engaged in exploration, survey, extraction, excavation, mining, and boring of minerals

By Mehtab Haider
February 16, 2024
The logo of the Competition Commission of Pakistan (CCP). — Website/CCP
The logo of the Competition Commission of Pakistan (CCP). — Website/CCP

ISLAMABAD: The Competition Commission of Pakistan (CCP) has granted a no-objection certificate (NOC) for two mergers in the mining of copper and minerals sector in Balochistan after analysing that there would be dominance as a consequence of mergers.

According to an official announcement, made by the CCP here on Thursday, the commission approved two mergers in Balochistan. It approved the acquisition of a cumulative 66.66pc shareholding in M/s. National Resources (Pvt) Limited by two public listed companies.

The National Resources is a private limited company, engaged in exploration, survey, extraction, excavation, mining, and boring of minerals. Its primary purpose is potential development of the mineral sector in Balochistan. The infusion of investment in this sector would give a boost to mineral exploration.

M/s Lucky Cement Limited, a public listed company, engaged in manufacturing and marketing of cement, sent a pre-merger application to acquire 33.33pc shares in National Resources (Pvt) Limited from M/s. Y.B. Pakistan Limited.

Similarly, M/s. Fatima Fertiliser Company Limited, a public listed company, engaged in manufacturing, producing, buying, selling, importing, and exporting of fertilisers and chemicals, sent a pre-merger application to acquire 33.33pc shareholding in National Resources from M/s. Reliance Commodities (Pvt) Limited.

The CCP approved the mergers as the proposed transactions did not lead to the acquirers gaining dominance in the relevant market post-transaction. The Lucky Cement and Fatima Fertiliser’s interest in investing in the mining sector signifies a positive shift towards economic diversification and growth, promising to unlock new opportunities and drive innovation.