The Competition Commission of Pakistan (CCP) has approved the merger of M/s Global Haly Development Limited into M/s Bank Makramah Limited under a Scheme of Arrangement. The transaction aims to strengthen the banking institution’s capital and operational capabilities.
Global Haly Development Limited, a public company focused on real estate and infrastructure development, will be dissolved after the merger. Bank Makramah Limited, a publicly listed bank, will issue ordinary shares to the shareholders of Global Haly Development Limited as part of the agreement. Upon completion, Bank Makramah will remain the surviving entity.
The CCP reviewed the merger under Section 11 of the Competition Act, 2010, in accordance with the Competition (Merger Control) Regulations, 2016. During its Phase-I review, the commission defined the relevant market as “Commercial Banking” within Pakistan. Since Global Haly Development Limited does not operate in banking, there are no horizontal overlaps between the two companies.
Data from the State Bank of Pakistan showed that Bank Makramah holds a modest share of the commercial banking sector. The commission concluded that the merger is unlikely to substantially reduce competition or create a dominant position in the market.
The transaction primarily serves to help Bank Makramah meet minimum capital requirements and enhance operational capacity. CCP officials noted that the merger aligns with regulatory objectives and does not harm competition.
With the merger now authorized under Section 31(1)(d)(i) of the Competition Act, 2010, the process for transferring shareholders’ interests and completing the arrangement can proceed. The merger of Global Haly Development Limited with Bank Makramah Limited reflects a strategic move to integrate resources from the real estate and infrastructure sector into the banking industry.
Overall, the CCP emphasized that the merger of Global Haly Development Limited is transparent, legally compliant, and beneficial for strengthening financial stability and sectoral growth in Pakistan.
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