Intermarket Securities withdraws acquisition bid, opts for merger EFG Hermes

Intermarket Securities Limited (IMS) on Thursday withdrew its public offer to acquire at least 51% of the shares and control of EFG Hermes Pakistan Limited (EFG Pakistan). 

Instead, IMS has agreed with EFG Pakistan to merge the two entities, creating a new entity that will operate under the EFG Hermes brand. 

This announcement was made by Multiline Securities Limited, the offer manager, in a notice sent to the Pakistan Stock Exchange (PSX).

The merger is subject to the approval of the shareholders, regulators, and the Sindh High Court.

The notice also stated that the board of directors of IMS and EFG Pakistan have agreed in principle to proceed with the merger in terms of a scheme of amalgamation.

In a public announcement on November 21, 2023, IMS declared their intention to acquire at least 51% shareholding and control of EFG Hermes. 

EFG Hermes Pakistan Limited was incorporated on September 27, 1999 as a Private Limited Company and converted into public unquoted company in November 2006. 

The company is Trading Right Entitlement Certificate (TREC) Holder of PSX. It is engaged in financial brokerage, corporate finance and financial research.