ISLAMABAD (PRESS RELEASE)
Subsidiary acquisition of 45 percent of shares has been formally approved by Competition Commission of Pakistan. First mover advantage has been availed by Alipay in online commerce and digital banking in Pakistan. Shares have been bought in Telenor Microfinance Bank Limited Pakistan.
Chinese commerce giant Alibaba owns third-party mobile and online payment platform, founded in 2004. It has also overtaken PayPal, world’s largest payment platform in 2013. 54 percent shares in China’s market are held by Alipay.
Alibaba Group is a Chinese multinational conglomerate specializing in e-commerce, retail, internet, Artificial Intelligence (AI) and technology. Telenor Microfinance Bank is Pakistan’s first scheduled microfinance bank and provides microfinance and related financial services.
Since January 2018, the CCP has approved a total of 66 mergers, acquisitions, and joint ventures, in sectors including power generation, automotive, information technology, oil & gas, and food.
Some of the major transactions include the acquisition of Daraz.com by Alibaba Singapore Holding, the acquisition of OMV (Pakistan) Exploration GMBH by Dragon Prime Hong Kong Limited, the joint venture between Riaz Bottlers Private Limited and Lotte Chilsung Beverages Co Limited, the acquisition of shareholding in Total PARCO Marketing Limited by Pak-Arab Refinery Limited, and the acquisition of Marshall Gas Private Limited’s Liquefied Petroleum Gas plant by Hascol Petroleum Limited.