KARACHI: The Competition Commission of Pakistan has approved the proposed acquisition of Attock Cement Pakistan Limited by Fauji Cement Company Limited and Kot Addu Power Company Limited following a Phase-I review under the Competition Act, 2010.
The buyers filed a pre-merger application on February 3 to acquire a controlling stake in Attock Cement from Pharaon Investment Group Limited under a scheme of arrangement dated January 30. Completion of the transaction will give Fauji Cement and Kot Addu Power joint control of the listed cement maker.
The competition watchdog said that although the deal involves a horizontal overlap between Fauji Cement and Attock Cement, the combined entity’s market share would remain below the statutory dominance threshold. Pakistan’s cement industry continues to include multiple established players, it added.
The commission concluded that the transaction is unlikely to create or strengthen a dominant position or substantially lessen competition, and authorised the deal under Section 11 of the Competition Act.
The approval relates solely to the merger assessment and does not affect any ongoing inquiries or proceedings before the commission, the Competition Appellate Tribunal or other forums.
