Islamabad: The Competition Commission of Pakistan (CCP) has approved an internal restructuring plan for Nishat Choonian Limited, Nishat Choonian Power Limited, Nishat Mills Limited, and the CEO of Nishat Choonian Limited, Shahzad Saleem.
According to the CCP, this restructuring was carried out under a scheme of arrangement aimed at improving the corporate structure of the Nishat Choonian Group.
The CCP’s assessment indicates that Nishat Choonian Limited is a public listed company engaged in textile-related activities, including spinning, weaving, dyeing, fabric processing, and electricity generation.
Nishat Choonian Power Limited is a public listed company specializing in the construction, ownership, and operation of fuel-powered power stations, functioning as an Independent Power Producer (IPP).
Similarly, Nishat Mills Limited is a public limited company involved in the production of textile products and electricity generation.
The CCP review identified the relevant market as “spinning, weaving, home textiles, and thermal power generation, CPPA-G.” The restructuring will result in a slight increase in shareholding for Shahzad Saleem in Nishat Choonian Limited and in Nishat Choonian Power Limited.
The CCP confirmed that despite these changes, the transaction will not result in the merger parties holding a dominant position in the relevant market.
