EFG Hermes advances to merge into Intermarket Securities

EFG Hermes Pakistan Limited (EFHPL) announced on Wednesday that its board approved a draft scheme of arrangement to be entered into between the Company and Intermarket Securities Limited (IMS). 

The company said in a notice to the Pakistan Stock Exchange (PSX) that the entire business and undertaking of IMS including all its assets, rights, liabilities, and obligations shall be merged, by way of amalgamation, with and into the Company as per terms of the scheme.

According to the swap ratio outlined in the scheme, IMS shareholders will receive 2.16 ordinary shares of the new company for each share of IMS they hold.

Furthermore, in terms of the scheme, it is intended that the name of the Company shall stand altered to IMS. 

However, the above shall be subject to the completion of necessary corporate and regulatory formalities, including obtaining necessary shareholders’ and regulatory approvals in accordance with applicable laws, and sanction of the Scheme by the High Court of Sindh. 

Earlier, the board of EFG Hermes Pakistan in their meeting held on January 30, 2024, approved the merger transaction between EFG Hermes Pakistan and Intermarket Securities.