ISAMABAD: The Competition Commission of Pakistan (CCP) has allowed M/s Enaara Properties Rawalpindi to acquire 100pc shareholding of M/s Sprint Services Rawalpindi under a Share Purchase Agreement.

Sprint Services Rawalpindi is a public unlisted company with a business footprint in developing commercial real estate.

It owns a shopping mall in a prime location in Rawalpindi. Its major shareholders include M/s FYC (Pvt) Ltd, a private limited company, and two individuals.

Enaara Properties is a holding company specifically established to execute this acquisition and to conduct business in real estate sector.

The CCP’s Phase I competition assessment identified ‘Real Estate’ as the relevant product market.

CCP concluded that the merger would not alter the current market dynamics or lead to a dominant position, ensuring that competition within the sector remains unaffected.

Under the Competition Act, 2010, the CCP is responsible for assessing mergers to prevent anti-competitive practices and ensure fair competition.

The CCP’s approval signifies that the merger does not pose a threat to competitive market conditions. By approving this merger, the CCP strives to ensure compliance with competition law while potentially fostering growth and stability in Pakistan’s real estate sector.

Published in Dawn, August 3rd, 2024