Merger
ISLAMABAD: The Competition Commission of Pakistan (CCP) has approved the merger of two LNG/RLNG companies.
The CCP has processed the 100% acquisition of Tabeer Energy Limited and Tabeer Energy Marketing Limited by the UAE-based Bison Energy company, FZCO.
The CCP’s approval will facilitate FZCO to acquire control of both the private gas companies in Pakistan. It will attract Foreign Direct Investment (FDI) and mitigate Pakistan’s gas shortage.
Notably, the Commission has granted approval to a UAE-based to control the business of an LNG terminal, gas import, storage, and distribution of Liquefied Natural Gas (LNG) and Re-gasified Liquefied Natural Gas (RLNG) in Pakistan.
CCP completed the Phase-1 competition assessments, conducted in accordance with Section 11 of the Competition Act, 2010. As the proposed transactions did not raise any competition concerns, the mergers were approved.
As a result of the merger transactions, Bison Energy FZCO has acquired 100% shareholding of Tabeer Energy (Private) Limited and Tabeer Energy Marketing (Private) Limited from Diamond Gas International Japan Co. Limited.
The transaction will result in foreign direct investment in Pakistan and help alleviate the gas shortage.
