The ICCC approval was given on August 03rd 2020.
MVIL submitted a Clearance Application to the ICCC on July 16th seeking approval to proceed with the acquisition of shares in Pac Re.
After considering all stakeholders’ comments during applications assessment, the ICCC was satisfied that the proposed share acquisition will not be likely to have the effect of substantially lessening competition in the market for reinsurance services in PNG.
The ICCC’s approval for the acquisition to proceed are based on the following:
