EFG Hermes Pakistan board greenlights merger with Intermarket Securities

January 31, 2024 (MLN): The Board of Directors of EFG Hermes Pakistan Limited (PSX: EFGH) has tentatively approved the merger with Intermarket Securities Limited (IMS), authorizing discussions, negotiations, and the signing of a memorandum of understanding.

The potential transaction is subject to the finalization of deal terms, transaction documents, and obtaining of all requisite corporate and regulatory approvals, consents, and authorizations.

Furthermore, the existing Director and Chief Executive Officer of EFG Pakistan, Saad lqbal has submitted his resignation, which has been accepted.

Thus, the board has appointed Syed Raza Haider Jafri as the replacement Director and Chief Executive Officer, who will assume the role of Chief Executive Officer, subject to fit and proper clearance from the SECP/PSX.

Murad Ansari, a Director and Chairman, has also submitted his resignation, which has been accepted by the Board.

The BoD has filled in the causal vacancy so created by appointing  Azneem Bilwani as a Director, who will assume such role, subject to fit and proper clearance from the SECP/PSX.

Moreover, Freyan Avari is appointed as the Chairman of the BoD of the company as well.

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