Islamabad: The Competition Commission of Pakistan (CCP) has launched an online merger and acquisition system, according to a news report. This system will let both local and foreign investors file their merger and application systems requests both quickly and efficiently without any office visitations.
Companies can easily submit their applications using the online system that provides a predefined format. The system will ensure that businesses looking to merge or acquire can still do so, even during the COVID-19 pandemic.
The CCP saw the need for this system as Pakistan is a compulsory merger regime. This means that a business wanting to go for a merger, acquisition, or joint venture has to apply for clearance from the CCP, as stipulated in Section 11 of the Competition Act, 2010. This system is available on CCP’s official website (www.cc.gov.pk).
With this online facility, businesses can apply for their Merger and Acquisition NOCs and track their application process easily. The CCP revealed that since January 2020, it had approved 2 merger cases, 1 joint venture, and 18 acquisitions. However, the regulatory body is encouraging undertakings to file their applications online.
