ISLAMABAD, APRIL 22, 2026: The Competition Commission of Pakistan (CCP) has authorized the acquisition of majority shareholding in M/s. Ranipur Sugar Mills (Private) Limited by M/s. Saakh Pharma Limited and M/s. United Ethanol Industries Limited under Phase-I review.
The target company, M/s. Ranipur Sugar Mills (Private) Limited, is engaged in the manufacturing and sale of sugar along with related by-products and power generation through an in-house facility. The acquirers M/s. Saakh Pharma Limited is a public listed company engaged in the manufacturing and sale of pharmaceutical and biological products, while M/s. United Ethanol Industries Limited operates in the ethanol and industrial products segment within the broader agribusiness sector.
During the proceedings, it was noted that the transaction had been consummated prior to obtaining the Commission’s approval. The Commission emphasized that pre-merger approval is a mandatory statutory requirement for notifiable transactions and must be obtained before their execution. The applicants have submitted an undertaking to ensure strict compliance with the law in future.
From a competition perspective, the Commission determined that the transaction constitutes a conglomerate merger, with no significant horizontal overlap between the business activities of the parties and only limited vertical interaction.
The Commission observed that the target’s market presence remains limited and that there is no evidence of any significant supply dependency or competitive concern arising from the transaction.
Based on its assessment, the Commission concluded that the transaction is unlikely to result in the creation or strengthening of a dominant position or to substantially lessen competition in the relevant markets. Accordingly, the CCP has authorized the transaction under the law.
The merger reflects ongoing consolidation and diversification trends within Pakistan’s sugar and allied industries, particularly in value-added segments such as ethanol and bio-based products. Such integrations can enhance operational efficiencies, promote resource optimization, and support the development of downstream industries, provided they remain within the framework of competition law.
The Commission remains committed to facilitating investment and business growth while ensuring that market structures remain competitive and do not harm consumer welfare.