The Competition Commission of Pakistan (CCP) approved three mergers involving Saudi Iron and Steel Company (Hadeed) in Pakistan's steel market.
The Competition Commission of Pakistan (CCP) has approved three mergers involving Saudi Iron and Steel Company (Hadeed) in Pakistan's steel market. The transactions involve PIF acquiring 100% shareholding of Hadeed from SABIC, Hadeed acquiring 100% shareholding of Al Rajhi Steel Industries, and PIF disposing of 44.5% of its Hadeed shareholding back to Al Rajhi & Sons Investment. CCP concluded that these transactions would not raise competition concerns in the relevant market, and the steel sector's contribution to Pakistan's GDP and economy may improve with these mergers.
February 25, 2024
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