Islamabad: The Competition Commission of Pakistan (CCP) has given its approval for Sapphire Fibres Limited and Mindbridge (Private) Limited to jointly acquire Uch Power (Private) Limited and Uch-II Power (Private) Limited. This significant move will see both companies taking equal ownership in the two power entities, reshaping their presence in the energy sector.

According to Competition Commission of Pakistan, the formal acquisition involves a Sale and Purchase Agreement with three selling entities: UPLHC-I Limited, UPLHC-II Limited, and International Power Uch Holdings B.V., transferring 100 percent of the shares of both Uch Power entities to Sapphire Fibres and Mindbridge. The financial details reveal a significant investment into both Uch Power I and Uch II, with both acquiring firms set to hold a 50% stake in each.

Sapphire Fibres, a major player in textiles and power generation, operates through its subsidiary Sapphire Electric Company, while Mindbridge, traditionally an IT services provider, will venture into the power generation sector with this acquisition. The two power plants involved are key players in Pakistan’s thermal power sector, running on gas-powered operations.

The CCP’s review confirmed that the transaction would not result in market dominance, ensuring that competition remains robust in the thermal power generation market within Pakistan. This strategic acquisition is poised to not only enhance Sapphire Fibres’ footprint in thermal power but also marks Mindbridge’s bold entry into the industry.