AKD Group withdraws, renews bid for EFG Hermes Pakistan

MG News | October 30, 2023 at 11:19 AM GMT+05:00

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October 30, 2023 (MLN): AKD Group Holdings (Private) Limited has withdrawn the investor's public announcement of intention to acquire at least 51% shareholding and control of EFG Hermes Pakistan Limited, EFGH's latest filing on the PSX showed today.

In addition to the above, EFGH has received a new intention from AKD Group acting through Topline Securities Limited to acquire at least 51% of the voting shares and control of EFG and beyond the thresholds prescribed under Section- 111 of the Securities Act, 2015.

The withdrawal and the potential acquisition have been notified to the board of directors of EFGH on October 27, 2023.

At the time of writing, the stock price of EFGH has reached the upper cap of the circuit breaker, rising by Rs1 to reach Rs13.03 per share.

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