The Honourable High Court of Sindh has sanctioned the merger of IMS Securities Limited with EFG Hermes Pakistan Limited (EFGH). The merger was approved under a Scheme of Arrangement dated February 29, 2024, following a petition that was granted on October 9, 2024, and formally received on October 12, 2024.
As part of the merger terms, EFG Hermes will issue a total of 108.73 million ordinary shares to IMS shareholders. The swap ratio has been set at approximately 2.16 shares of EFGH for each share of IMS. The allocation of shares will also account for any fractional shares in line with the approved Scheme.
The directors of IMS will soon finalize the record date to identify the shareholders eligible for the share swap, with further details expected to be communicated in due course.
