Court sanctions merger of IMS Securities, EFG Hermes

MG News | October 14, 2024 at 12:16 PM GMT+05:00

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October 14, 2024 (MLN): The High Court of Sindh has approved the scheme for the merger, by way of amalgamation, of IMS Securities Limited (IMS) with EFG Hermes Pakistan Limited (PSX: EFGH), along with related ancillary matters.

Under the Scheme of the arrangement, EFGH will allot and issue an aggregate of 108,735,374 ordinary shares to the shareholders of IMS.

This is based on a swap ratio of approximately 2.16 ordinary shares of EFGH for every 1 ordinary share of IMS held by each shareholder of IMS, subject to adjustment of fractional shares.

Furthermore, the record date to determine the identities and entitlements of the shareholders of IMS will be fixed by the directors of IMS in due course, subsequent to which details will be provided to EFGH, in each case in accordance with the provisions of the Scheme.

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