CCP approves joint acquisition of Uch Power Plants by Sapphire Fibres and Mindbridge

KARACHI: The Competition Commission of Pakistan (CCP) has approved the joint acquisition of Uch Power (Private) Limited and Uch-II Power (Private) Limited by Sapphire Fibres Limited and Mindbridge (Private) Limited.

The acquisition, completed through a sale and purchase agreement with UPLHC-I Limited, UPLHC-II Limited and International Power Uch Holdings BV, will see 100 per cent of the shares in both Uch Power I and Uch-II Power transferred to the two companies.

The deal involves a significant investment, with Sapphire Fibres Limited and Mindbridge equally sharing ownership of the power plants, each holding a 50 per cent stake.Sapphire Fibres, a publicly listed company involved in textile manufacturing and power generation through its subsidiary Sapphire Electric Company, will expand its presence in the thermal power sector through this acquisition. Mindbridge, a private IT services company, will enter the power generation industry for the first time.

Uch Power and Uch-II Power operate gas-powered thermal plants in Pakistan. The acquisition will strengthen Sapphire Fibres’ position in the thermal power generation market, while marking Mindbridge’s debut in the energy sector.