Intermarket Securities to buy Cairo-based Hermes Holding in Pak
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KARACHI: The Inter-market Securities Ltd Wednesday withdrew its intention to acquire at least 51 per cent shareholding and control of EFG Hermes Pakistan Limited.
“Multiline Securities Limited, vide its letter dated November 21, 2023, which was disclosed to the Pakistan Stock Exchange Limited, has announced on behalf of Intermarket Securities Limited that Multiline Securities Limited has submitted a new public announcement of intention from Intermarket Securities Limited to acquire at least 51 per cent shareholding and control of EFG Hermes Pakistan Limited.
In last February, an announcement came from Cairo-based EFG Hermes Holding, the parent company of EFGH, is looking to exit Pakistan, Jordan, and others in order to streamline its global operations.
After this announcements from the company, JS Global Capital Limited (JSGCL), AKD Group and Intermarket Securities showed their intention to acquire EFGH.
On January 17th, JSGCL announced its intention to acquire a 51% stake in EFGH. The board of JSGCL provided their “in-principle consent and approval to invest into and acquire majority shares and control of EFG Hermes Pakistan Limited”, subject to regulatory approvals.
On the next day, Topline Securities, on behalf of the AKD Group, also announced its intention to acquire a 51% majority stake in EFGH.
The EFGH Company specializes in securities brokerage, asset management, investment banking, private equity and research in addition to finance lease, factoring, microfinance, financial technology, mortgage, and insurance.
Today, Multiline Securities Limited, vide its letter dated November 21, 2023, which was disclosed to the Pakistan Stock Exchange Limited, has announced on behalf of Intermarket Securities Limited (herein referred to as the “Investor”), that Intermarket Securities Limited has withdrawn the Investor’s public announcement of intention to acquire at least 51% shareholding and control of EFG Hermes Pakistan Limited, the notice said.
EFG Hermes, the leading financial services corporation in the Middle East and Africa, inaugurated its office in Pakistan, making it the first foreign investment bank to directly enter the market since 2008 and the first foreign broker to have a local footprint in the country. The opening follows the Firm’s acquisition of Pakistani brokerage Invest and Finance Securities Ltd. (IFSL), which will operate as EFG Hermes Pakistan Limited
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