CCP sanctions strategic mergers to boost Saudi-Pakistani steel industry collaboration
The Competition Commission of Pakistan (CCP) has recently approved a series of mergers involving the Saudi Iron and Steel Company (Hadeed), marking a significant development in the steel industry’s landscape within Pakistan.
This approval facilitates a complex restructuring process involving two entities through three distinct transaction phases, aimed at enhancing operational efficiencies and market presence in Pakistan.
Hadeed, headquartered in Saudi Arabia, is recognized for its comprehensive range of steel products and its role in the Pakistani steel market through spot sales and exports via international traders.
The initial phase of the transaction involved the Public Investment Fund (PIF) of Saudi Arabia, a sovereign wealth fund with diverse global investments, acquiring 100% of Hadeed’s shareholding from the Saudi Basic Industries Corporation (SABIC).
