The Competition Commission of Pakistan (CCP) has granted approval for the merger of Cyan Limited and DH Partners Limited into Dawood Lawrencepur Limited as part of an internal restructuring within the Dawood Group.
Under the Scheme of Amalgamation dated December 16, 2025, all assets, liabilities, and obligations of the merging entities will be transferred to Dawood Lawrencepur Limited. In exchange, shareholders of Cyan Limited and DH Partners Limited will be issued shares in the merged entity.
Dawood Lawrencepur, a listed subsidiary of Dawood Corporation, operates as an investment holding company with exposure to renewable energy projects—particularly in wind and solar—as well as capital markets. Cyan Limited is also a listed firm focused on equity investments, while DH Partners Limited manages investment portfolios and was listed on the Pakistan Stock Exchange in February 2025.
During its Phase I review, the CCP determined that all three firms primarily function as investment vehicles under common ownership, classifying the deal as an internal consolidation rather than an expansion of market share.
The regulator concluded that the transaction would neither create nor enhance market dominance or harm competition, clearing it under the Competition Act, 2010.
Officials noted that the restructuring is aimed at streamlining portfolio management and strengthening the group’s investment capabilities while remaining within regulatory bounds.
