Mitsubishi Corporation has sold its shareholding in Engro Polymers and Chemicals Limited. This marked the Japanese company’s exit from this particular investment in Pakistan’s chemical sector. The transaction was approved by the Competition Commission of Pakistan after a review under the Competition Act 2010.
The shares were purchased by Liberty Daharki Power Limited through an agreement. This agreement involved Seagreen Enterprises. Liberty Daharki is a Pakistani company that mainly works in electricity generation through a gas fired power plant in Sindh.
Additionally, Engro Polymers is one of Pakistan’s major chemical producers. The company manufactures products such as polyvinyl chloride (PVC), caustic soda, and hydrogen peroxide. These are widely used in construction, plastics, pipes, packaging and industrial manufacturing.
The CCP reviewed whether the deal could reduce competition in Pakistan’s chemical market, but it was concluded that there was no major issue because the two companies operate in different industries. Liberty Daharki works in power generation, while Engro Polymers operates in chemical manufacturing.
Additionally, it also stated that the transaction would not significantly change market share or damage competition in Pakistan.
Although this move mainly concerns Mitsubishi Corporation’s investment in Engro Polymers, not necessarily a complete withdrawal of all Mitsubishi-linked business activity from Pakistan. Mitsubishi related operations may still continue seperately.
Moreover, business analysts view the sale as an important corporate change because Mitsubishi had been associated with Engro Polymers for many years as a foreign investor. However, experts also state that the acquisition by a local Pakistani company may help maintain continuity in operations and stability in the market.
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