EFG Hermes Pakistan on Wednesday granted in-principle approval for a merger transaction with Intermarket Securities Limited (IMS).
The company said in a notice to the Pakistan Stock Exchange (PSX), “The Board of Directors of EFG Hermes Pakistan in their meeting held on January 30, 2024, have approved the merger transaction between EFHPL and Intermarket Securities.”
“However, the proposed transaction is subject to obtaining all requisite approvals, consents, and authorisations from the shareholders of both companies, regulatory authorities, and other concerned parties,” read the notice.
EFG authorised to proceed with discussions, negotiations, and enter into a memorandum of understanding pertaining to the transaction.
The company also said that Saad Iqbal, the existing Director and CEO of EFG Hermes Pakistan, and Murad Ansari, the Director and Chairman, have resigned from their positions. The board of directors has appointed Syed Raza Haider Jafri as the replacement Director and CEO, and Azeem Bilwani as the Director, subject to fit and proper clearance from the Securities and Exchange Commission of Pakistan (SECP) and PSX.
Moreover, the Board has also appointed Freyan Avari as the Chairman of the board of directors.
Earlier, on January 15, EFG received an addendum from IMS 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, was Rs 13.20 per share. The addendum further stated that the revised WASP is due to an error in the calculation.
