Advertisement
News

CCP Approves Artistic Milliners’ Acquisition of Tenaga Generasi Limited

Advertisement

The Competition Commission of Pakistan (CCP) has approved the acquisition of 100% shareholding of M/s Tenaga Generasi Limited (TGL), an independent power producer with a 49.5 MW wind power plant, by M/s Artistic Milliners (Private) Limited (AMPL), one of the world’s top denim manufacturers.

Tenaga Generasi Limited, a Malaysian company, was incorporated in Pakistan in 2004 to set up a 50 MW wind power plant. The company was allocated 1,200 acres of land in District Gharo, Sindh, for the project. NEPRA issued a Generation License to TGL with an initial validity of 20 years.

In January 2008, the company decided to exit Pakistan, and TGL was acquired by Dawood Lawrencepur Limited (DLL), which held a 75% stake in TGL, with the remaining shareholding held by the International Finance Corporation (IFC), a member of the World Bank Group.

The Phase-I competition assessment by the CCP identified ‘Renewable Energy – Wind Power Generation’ as the relevant market. The assessment revealed that TGL’s share in the market is less than 3%, while AMPL’s two subsidiaries collectively hold a market share of 5.38%. Post-transaction, AMPL’s market share is expected to rise to approximately 8%. Given that the transaction does not lead to the dominance of the acquirer in the relevant market, the CCP has approved the acquisition.

This approval allows Artistic Milliners to increase its presence in the renewable energy sector. The acquisition underscores the potential for collaborative advancements in renewable energy, contributing significantly to redefining the national energy landscape.

Advertisement
Muhammad Yasir

Muhammad Yasir is an online content editor and senior journalist with fifteen years of experience in the field. He specializes in business, telecommunications, finance, and technology sectors. Muhammad Yasir has fulfilled senior reporter duties for both National English and Urdu.

Recent Posts

Security Forces Rescue 104 Hostages After Attack on Jaffar Express

Security forces have successfully freed 104 hostages from terrorists who attacked the Jaffar Express in…

18 hours ago

Mobilink Bank’s WIN Incubator empowers 13 women-led startups for business success

As an industry-first initiative, Pakistan's leading digital microfinance bank, Mobilink Bank, has successfully graduated 13…

18 hours ago

Jazz and Mercantile Launch Pakistan’s First iPhone Trade-In Program

Jazz, Pakistan’s leading digital conglomerate, in partnership with Mercantile, Apple’s authorized distributor in Pakistan, has…

18 hours ago

Jazz Partners with Huawei to Solarize 1,000 Telecom Sites Across Pakistan

Jazz, Pakistan’s leading digital conglomerate, has partnered with Huawei to deploy solar power at 1,000…

6 days ago

Bernhard H. Mayer Unveils Alto Ceramic Collection: A Symphony of Luxury and Versatility

Bernhard H. Mayer, prestigious Swiss luxury brand, has launched its newest Swiss-made timepiece collection, Alto…

7 days ago

Khushhali Microfinance Bank Limited Partners with Qazi Shariah Consultancy to Strengthen Commitment to Islamic Banking

Khushhali Microfinance Bank Limited (KMBL) has taken a significant step toward expanding its Islamic banking…

7 days ago