CCP Approves Acquisition of 8.33% Shareholding in NITL

The Competition Commission of Pakistan (CCP) has approved the acquisition of 8.33 percent shareholding in National Investment Trust Limited (NITL) by two Pakistani residents. Following the transaction, Adamjee Foundation will ceased to be a shareholder in NITL. National Investment Trust Limited, established as a Trust on November 12, 1962, through a strategic agreement between NITL as the Management Company and the National Bank of Pakistan as the Trustee, has played a pivotal role in inaugurating the investment management business in Pakistan. Over the decades, NITL has provided comprehensive investment management services across the country, offering a diverse portfolio of fixed income, equity, and hybrid investment products designed to meet the varied needs of investors. The CCP’s analysis has identified the relevant market as ‘Asset Management Services’ with a geographic scope confined to Pakistan. Notably, the acquisition will not alter the nominal market share of NITL, ensuring that the competitive balance within the asset management sector remains intact. The CCP’s approval of this transaction underscores its commitment to upholding competition law, which is vital for maintaining a healthy and dynamic economic environment.