The Competition Commission of Pakistan (CCP) has approved a significant merger in the real estate sector. Enaara Properties Rawalpindi Ltd has acquired 100% shareholding of Sprint Services Rawalpindi Ltd under a Share Purchase Agreement.
Sprint Services Rawalpindi, a public unlisted company, is known for developing commercial real estate and owns a prime shopping mall in Rawalpindi. Its major shareholders include FYC (Pvt) Ltd and two individuals. Enaara Properties, established specifically for this acquisition, will now expand its business in the real estate sector.
The CCP’s Phase I competition assessment identified ‘real estate’ as the relevant product market. The CCP concluded that this merger would not alter market dynamics or create a dominant position, ensuring fair competition within the sector.
Under the Competition Act, 2010, the CCP assesses mergers to prevent anti-competitive practices and maintain fair competition. The approval of this merger indicates that it does not threaten competitive market conditions. By approving this transaction, the CCP aims to ensure compliance with competition law and promote growth and stability in Pakistan’s real estate market.
