Competition Commission of Pakistan clears acquisition of 27.2 percent stake in Askari general insurance company limited by Askari welfare trust

Islamabad, November 27, 2014 (PPI-OT): The Competition Commission of Pakistan (CCP) today issued its no objection certificate to Askari Welfare Trust for the proposed acquisition of 27.2% shares of Askari General Insurance Company Limited. The transaction was notified under the Competition Act 2010 on 14 November, 2014.

The CCP carried out a detailed and intensive Phase I review, which included obtaining market shares of the merger parties and their competitors in Pakistan. After a comprehensive review, the CCP approved the said transaction since there was no lessening of competition by creating or strengthening a dominant position in the relevant market.

For more information, contact:
Asfandyar Khattak
Director (Media and Communications)
Competition Commission of Pakistan (CCP)
7th Floor South, ISE Towers,
55-B, Jinnah Avenue, Islamabad, Pakistan
Tel: +92-51-9100260-3, +92-51-9100256
Fax: +92-51-9100251
Email: akhattak@cc.gov.pk
Website: www.cc.gov.pk