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CCP has cleared CDC’s investment in Naymat Collateral Management after concluding the deal would not negatively impact market competition. The approval supports Pakistan’s broader push to strengthen commodity financing and warehouse oversight systems.
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The Competition Commission of Pakistan has approved a proposed investment by Central Depository Company of Pakistan Limited in Naymat Collateral Management Company Limited following a Phase-I review conducted under the Competition Act, 2010.
According to the commission, CDC filed a pre-merger application under Section 11 of the law seeking permission to subscribe to additional ordinary shares in NCMCL. After reviewing the transaction, the regulator authorised the investment under Section 31 of the Act, allowing CDC to increase its stake in the company.
CDC, founded in 1993, provides electronic custody of securities, settlement facilitation and other depository services within Pakistan’s capital markets. NCMCL, incorporated in 2020, manages warehouse oversight, verification and reporting services for commodities used as collateral.
The commission noted that NCMCL is currently the only collateral management company registered with the Securities and Exchange Commission of Pakistan for accreditation and oversight of warehouses operating under the country’s Electronic Warehouse Receipt framework.
During its assessment, the CCP defined the relevant market as collateral management and warehousing oversight services in Pakistan. The regulator concluded that the transaction would not materially affect competition because both entities operate in separate business segments.
In its merger order, the commission stated, “The transaction will have minimal effects on the market dynamics in terms of competition and market structure considering the fact that post-merger market share would not increase.”
The CCP further observed that the acquisition did not involve horizontal or vertical integration, reducing the possibility of anti-competitive outcomes such as collusion or market foreclosure. It also determined that the transaction would not create barriers for new entrants or significantly lessen market competition.
The approval comes as Pakistan continues efforts to modernise commodity financing systems and strengthen confidence in warehouse receipt mechanisms tied to agricultural and traded commodities.
The commission said the decision reflects its broader approach of supporting investment activity and efficient market transactions while safeguarding competition and consumer welfare.
