Pakistan, Sept. 25 -- The Competition Commission of Pakistan (CCP) here on Thursday approved the acquisition of shareholding in Masood Textile Mills Limited by UAE-based Velora Global Ventures-F.Z.C. from two Chinese companies, following a Phase-I competition assessment under the Competition Act, 2010.

The transaction involves the acquisition of shares from Shanghai Challenge Textile Company Limited and Zhejiang Xinao Industry Company Limited, pursuant to a Share Purchase Agreement, said CCP press release.

Velora Global Ventures-F.Z.C., incorporated and registered with the Ajman Free Zone Authority in the United Arab Emirates, is engaged in the wholesale trading of textiles and clothing and commercial brokerage activities outside Pakist...