Farkhund Yousafzai
Islamabad, 13 August 2024 (TDI): The Competition Commission of Pakistan has granted approval for the acquisition of hundred percent shareholding of M/s. SadaPay Technologies Limited by M/s. PPR Holding A.S. under a Share Purchase Agreement.
M/s. PPR Holding A.S., a private limited company based in Turkiye, specializes in investments in technology companies and financial institutions.
The target of this acquisition, M/s. SadaPay Technologies Limited, is a public unlisted company incorporated in Dubai, United Arab Emirates, which serves as a holding company and parent of M/s. SadaPay (Private) Limited.
The ultimate target, a private limited company in Pakistan, provides financial services, including a Mastercard debit card and a digital wallet.
According to the application, PPR Holding A.S. intends to acquire 100 percent shareholding of SadaPay Technologies, thereby gaining direct control over both SadaPay (Private) Limited and SadaPay Technologies upon finalization of the transaction.
The CCP’s market assessment identified the relevant product market as ‘Electronic Money Institutions in Pakistan. SadaPay (Pvt) Ltd’s market share in the digital transactions sector, serviced by different E/M-Wallet providers, is nominal and will remain unchanged following the transaction.
The deal will establish PPR Holding A.S.’s presence in Pakistan without leading to market dominance, as defined under Section 2(1)(e) and Section 3 of the Competition Act, 2010.
Consequently, the CCP has authorized the transaction under Section 31(1)(d)(i) of the Act.
The entry of a renowned financial sector company into the country will bring in new technologies, improve customer service standards, and provide more secure digital payment options.
This acquisition also demonstrates Pakistan’s market potential for investor attraction and business expansion.
