2023-09-04 16:16:33
The General Authority for Competition announced the decisions issued in the economic concentration applications for the month of August 2023 AD, which included 13 decisions regarding economic concentration applications.
The General Authority for Competition approved a deal with conditional approval for the acquisition of (The Arab Company for Technical Contracting) all the shares of (Faden archyde news Agency Company) and issued 12 no-objection decisions regarding other concentrations.
The Authority receives reports of economic concentration (mergers, acquisitions, and joint ventures), studies them, and issues the necessary decisions. It is also concerned with studying the market and sectors in the event of violations of the competition law, or to enhance competition in the sectors. The authority issued its decisions following studying the concerned markets.
According to the Authority, approvals for acquisition requests represented 84.6% of the approvals issued in August, while applications for joint ventures represented 15.4% of the approvals issued in August.
Among the approvals issued by the General Authority for Competition last August was the establishment of a joint venture between (Al-Maliki Holding Group) and (Technogym Company) for the purpose of carrying out marketing and retailing of fitness equipment and gyms, and the acquisition of (Red Sea International Company) 51% of the shares. The capital of (Initial Installations Company for Electrical Works Limited), the acquisition by (Emirates Telecommunications Group Company PJSC) of 50.03% of the company (Karim Platform Inc), and the acquisition by (Methanol Chemicals Company) of 84% of the capital of (the company Aldar Chemicals), the acquisition by (Methanol Chemicals Company) of 80% of the (International Company for Chemical Industries), and the acquisition by (Al Khaleej Training and Education Company) of (Al Riyada Model Education Company).
The official spokesman for the General Authority for Competition, Saad Al Masoud, stated that the General Authority for Competition approved 120 deals without conditions and two deals with conditions, from the beginning of the year until the end of last August.
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