AKD Group Holdings pulls out of acquisition bid for EFG Hermes Pakistan

MG News | April 08, 2024 at 02:40 PM GMT+05:00

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April 08, 2024 (MLN): AKD Group Holdings (Pvt) Limited has withdrawn its Public Announcement of Intention (PAI) to acquire more than 51% of the voting shares and control of EFG Hermes Pakistan Limited (PSX: EFGH).

Topline Securities Limited, the manager to the offer revealed through a notice issued to local bourse today.

To recall on October 30, 2023, AKD Group Holdings withdrew its public announcement and renewed bid for the target company.

The company is Trading Right Entitlement Certificate (TREC) Holder of Pakistan Stock Exchange Limited.

At the time of writing, EFGH's scrip is trading at Rs16.17, up by 1.12 Rupees or 7.44% compared to the last close.

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