EFG Hermes Pakistan Limited has received an addendum from Intermarket Securities, a Karachi-based brokerage firm, regarding its publicly announced intention to acquire a 51% shareholding and control of EFG Hermes Pakistan.Â
According to a notice sent by EFG Hermes to the Pakistan Stock Exchange (PSX) on Monday, this addendum relates to an earlier public announcement of intention by Intermarket Securities on November 21, 2023, to acquire shareholding and control of EFG Hermes Pakistan Limited.Â
The addendum to the public announcement of intention was issued by Intermarket Securities due to an error in the Weighted Average Share Price (WASP) amount.
The WASP as quoted on the PSX during the 28 days preceding the date of public announcement of intention, is Rs 13.20 per share. The addendum further states that the revised WASP is due to an error in the calculation. The addendum has already been notified to EFG’s Board of Directors.Â
Multiline Securities Limited is the manager of the potential acquisition.Â
The issued addendum contains material information and requires disclosure according to Section 96 of the Securities Act, 2015, and Clause 5.6.1(a) of the Pakistan Stock Exchange (PSX) rules, as read in the company’s notice, which suggests the disclosure of price-sensitive information.
The EFG Hermes Holding specialises in securities brokerage, asset management, investment banking, private equity, and research in addition to a finance lease, factoring, microfinance, financial technology, mortgage, and insurance.
 When the company inaugurated its office in Pakistan in 2017, it became the first foreign investment bank to directly enter the market since 2008 and the first foreign broker to have a local footprint in Pakistan. The firm acquired Pakistani brokerage Invest and Finance Securities Ltd. (IFSL), which has been operating since 1999, and renamed it as EFG Hermes Pakistan Limited.
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