ISLAMABAD: The Competition Commission of Pakistan (CCP) has approved the proposed investment by the Central Depository Company of Pakistan Ltd (CDC) in Naymat Collateral Management Company Ltd (NCMCL) following a Phase-I review conducted under the Competition Act 2010.

CDC had submitted a pre-merger application to the Commission under Section 11 of the act, seeking approval for the subscription of additional ordinary shares in NCMCL.

Following a competition assessment, the commission authorised the transaction, allowing CDC to acquire additional shareholding in the company.

CDC, established in 1993, is one of Pakistan’s key capital market institutions, providing electronic custody of securities, settlement facilitation and related depository services.

NCMCL, incorporated in 2020, operates as a collateral management company responsible for warehouse oversight, verification and reporting services for commodities held as collateral.

In its assessment, the CCP defined the relevant market as “collateral management and warehousing oversight services” within Pakistan.

The commission concluded that the deal would not significantly alter competition dynamics because the two companies operate in separate and unrelated business segments.

Published in Dawn, May 19th, 2026