ISLAMABAD: The Competition Commission of Pakistan (CCP) processed and granted approval to 59 merger and acquisition (M&A) applications in the last fiscal year 2019-20 to facilitate local and foreign investors despite the limitations caused by Covid-19 pandemic.
Out of the total 59 M&A approvals, 51 were acquisitions, five were mergers and three were joint venture applications.
Major sectors where these M&A 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 microfinance banking.
During the previous fiscal year, the CCP complete 14 enquiries, issued 78 show cause notices, and passed 15 orders. One of the enquiries pertained to the matter of alleged bid rigging in the tenders issued by power distribution companies for the procurement of line hardware material. As there seems to be no letup in the difficulties posed by Covid-19, parties have been allowed to respond to the show-cause notices issued to them in the hearings using video conferencing and other online tools.
Published in Dawn, July 2nd, 2020