Pakistan, July 14 -- The Competition Commission of Pakistan (CCP) has approved a pre-merger application, paving the way for an internal restructuring within the South Korean Lotte Group, while finding no competition concerns in Pakistan's food and beverage markets.

According to a statement released on Monday, the transaction involves Japan's Lotte Co., Ltd acquiring a shareholding in Singapore-based Lotte Confectionery (S.E.A) Pte. Ltd. from Lotte Wellfood Co., Ltd.

As the target company owns interests in Pakistan's Lotte Kolson and Lotte Akhtar Beverages, the share acquisition required prior clearance from the CCP under the Competition Act, 2010. "Following a Phase-I competition assessment, the commission concluded that the transaction...