CCP okays Jura Energy share purchase by IDL

Says deal does not involve horizontal or vertical integration, unlikely to create dominant position

ISLAMABAD:

The Competition Commission of Pakistan (CCP) has authorised the acquisition of shares in Jura Energy Corporation by IDL Investments from Phoenix Exploration, following a review under the Competition Act 2010.

The transaction involves the purchase of common shares of Jura Energy by IDL Investments pursuant to a share purchase agreement dated March 5, 2025.

Jura Energy, a publicly listed company incorporated in Alberta, Canada, is engaged in oil and gas exploration and development and operates in Pakistan through its wholly owned subsidiaries Spud Energy and Frontier Holdings, which hold working interests in various exploration licences and leases.

IDL Investments, incorporated in the British Virgin Islands, functions as an investment holding company with a diversified portfolio. Prior to the transaction, IDL already held shareholding in Jura Energy. Through this acquisition, IDL has increased its ownership stake in the company. The CCP conducted a phase-I competition assessment to evaluate the potential impact of the transaction on competition in Pakistan.

The CCP observed that the acquirer does not have independent operational activities in Pakistan other than its existing shareholding in Jura Energy. Consequently, the transaction primarily results in a change in shareholding of the parent company, without affecting the operational structure of Jura subsidiaries in Pakistan. The CCP concluded that the transaction did not involve horizontal or vertical integration between the merger parties and was unlikely to create or strengthen a dominant position.