Islamabad, March 12, 2026 – The Competition Commission of Pakistan (CCP) has approved the acquisition of shares in Faysal Bank Limited by Maple Leaf Cement Factory Limited (MLCF) after conducting a review under the Competition Act, 2010.
According to an official statement issued on Thursday, the transaction involves the purchase of Faysal Bank shares by Maple Leaf Cement through open market transactions at the Pakistan Stock Exchange (PSX). The acquisitions were carried out through multiple share purchases during 2025, representing Maple Leaf Cement’s strategic investment in the banking sector.
CCP Grants Ex-Post Approval
In one of the reviewed cases, the competition regulator examined a transaction in which Maple Leaf Cement had already completed the acquisition before obtaining formal approval from the commission.
After reviewing the matter, the CCP granted ex-post facto authorization, concluding that the transaction did not raise any competition concerns.
However, the commission directed the acquiring company to strictly comply with pre-merger approval requirements in future transactions under the Competition Act and the Competition (Merger Control) Regulations, 2016.
Approval for Additional Share Purchase
In a related decision, the CCP also approved Maple Leaf Cement’s proposed acquisition of additional shares in Faysal Bank, which will increase the company’s overall shareholding in the bank.
Both transactions were evaluated through Phase-I competition assessments to determine their potential impact on market competition in Pakistan.
No Competitive Overlap Identified
For the purpose of the review, the CCP identified the relevant market as commercial banking in Pakistan.
The commission observed that Maple Leaf Cement operates in the cement manufacturing sector, while Faysal Bank is engaged in commercial banking, meaning their core business activities are entirely separate and unrelated.
As a result, the regulator determined that the transactions do not create any horizontal or vertical overlap between the entities and are unlikely to create or strengthen a dominant position in the market.
Investment Supports Financial Sector
Based on its assessment, the CCP authorized the transactions under Section 31(1)(d)(i) of the Competition Act, 2010.
Officials noted that such investments in the financial sector can support capital formation and strengthen investor participation in Pakistan’s banking industry.
The competition regulator reaffirmed its commitment to facilitating investment and efficient market operations while ensuring that mergers and acquisitions do not harm competitive dynamics in the economy.