Approves Ethanol Firm’s Acquisition of PCRCL Shares
The (CCP) has approved the acquisition of shares in Pakistan Corporate Restructuring Company Limited (PCRCL) by United Ethanol Industries Limited. The approval follows a Phase-I competition assessment under the 2010 Competition Act.
PCRCL is a public limited company licensed by the Securities and Exchange Commission of Pakistan to manage Non-Performing Assets (NPAs), reorganize distressed businesses, and liquidate financially troubled companies.
United Ethanol Industries Limited operates in the ethanol manufacturing sector within the broader agribusiness and industrial sectors. The transaction involves acquiring shares from eight scheduled commercial banks: United Bank Limited, MCB Bank Limited, Allied Bank Limited, Meezan Bank Limited, Habib Metropolitan Bank Limited, Habib Bank Limited, Bank AL Habib Limited, and Bank Alfalah Limited.
The CCP’s assessment concluded that the merger does not lessen competition or create barriers in the relevant market for NPAs resolution and restructuring advisory services. The Commission authorized the transaction under Section 31 of the Competition Act, ensuring a competitive and transparent business environment in Pakistan.