Mitsubishi Exits Pakistan After Selling Engro Polymer Stake

Pakistan’s corporate sector witnessed a notable development as Mitsubishi Corporation exited its investment in Engro Polymer and Chemicals Limited, following the approval of a share acquisition deal by the Competition Commission of Pakistan (CCP).

The CCP cleared the transaction after a Phase I review under the Competition Act, 2010. The deal involves the acquisition of Mitsubishi Corporation’s shareholding in Engro Polymer by Liberty Daharki Power Limited, under a Share Purchase Agreement that also includes Seagreen Enterprises (Private) Limited.

According to the regulator, the transaction does not raise competition concerns. The CCP noted that there is no horizontal overlap between the acquiring and selling parties, meaning the deal will not alter market dynamics or concentration.

The relevant markets assessed include the manufacturing and sale of key industrial chemicals such as PVC, caustic soda, and hydrogen peroxide.

Engro Polymer, a subsidiary of Engro Corporation Limited, is one of Pakistan’s leading producers of polyvinyl chloride (PVC) and other chemical products used across construction and industrial sectors.

The acquiring firm, Liberty Daharki Power Limited, operates in the energy sector, managing a natural gas-fired power plant in Sindh.

The CCP concluded that the acquisition would not result in a dominant market position or any substantial lessening of competition. It also ruled out risks of anti-competitive practices such as collusion or market foreclosure.

The transaction has been approved under Section 31(1)(d)(i) of the Competition Act, 2010, clearing the way for Mitsubishi Corporation’s exit from the Pakistani chemical sector.

The move has drawn attention in business circles, as it marks the exit of a major Japanese investor from Pakistan. However, analysts note that the entry of a local player could support continuity in operations and maintain market stability.

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