The Competition Commission of Pakistan (CCP) has granted approval to M/s Bazaar Technologies (Private) Limited for the acquisition of 100% shareholding in Wemsol (Private) Limited, a statement said on Friday.
Bazaar Technologies operates in the e-commerce sector, whereas Wemsol provides POS and EMI services. Wemsol operates Keenu, a Pakistani fintech that offers digital payment services to consumers and businesses. Keenu offers a digital wallet app that allows users to make payments, send money, and split bills.
The application for pre-merger clearance was submitted by Bazaar Technologies in accordance with the Competition Act, 2010.
“The acquisition will be executed either directly by Bazaar Technologies or through its subsidiary, Beta Holding Private Limited (BHPL). The relevant product market for this transaction comprises Electronic Money Institution (EMI) services, Point of Sale (POS) terminals, and related services,” the CCP said.
SBP grants license to Wemsol for commercial operational launch
“The relevant geographic market has been defined as Pakistan, considering supply conditions and consumer preferences,” it added.
As per the statement, the proposed transaction represents a conglomerate merger, as there are no horizontal or vertical overlaps between the two entities.
“Given the distinct nature of their operations, the transaction is not expected to reduce competition in any relevant market.”
Under the Competition Act, 2010, the CCP is mandated to evaluate mergers and acquisitions to prevent anti-competitive practices and excessive market concentration that could harm consumer interests.
“Following its review, CCP determined that the acquisition does not raise any competition concerns and has granted clearance accordingly,” it maintained.
