Islamabad, Feb 1: The Securities and Exchange Commission of Pakistan (SECP) has issued a statement denying recent reports about procedural delays in the merger of two major telecom companies in Pakistan. According to a news report, the merger was allegedly pending due to delays by the SECP in approving the transaction. However, the SECP has clarified that the information is incorrect.
The press release, issued on Friday, states that no such merger transaction has been submitted to the SECP for approval. It further emphasized that SECP is only responsible for sanctioning schemes of arrangement for small-sized companies and public sector companies, to the extent of approval from the Federal Government. This is not applicable in the case of the mentioned telecom companies.
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The SECP also pointed out that it provides timely feedback on petitions filed for sanction by the relevant courts, and therefore, no feedback or approval delays are pending on their end regarding this matter.
The clarification comes in response to reports suggesting a holdup in the approval process, which the SECP has firmly denied. The commission assures that there is no delay or pending feedback regarding the telecom merger transaction.
