EFGH's board greenlights Intermarket Securities' 51% stake acquisition proposal

MG News | November 22, 2023 at 03:25 PM GMT+05:00

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November 22, 2023 (MLN): The Board of Directors (BoD) of EFG Hermes Pakistan Limited (PSX: EFGH) has in principle approved the offer of Intermarket Securities Limited and its sponsors to acquire at least 51% stake in EFG, the company’s filing on the local bourse revealed today.

The board has further authorized the management to negotiate and finalize the terms and present the same to the Board for its consideration.

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.

It is important to note that in its earlier notice to the local bourse, EFGH disclosed that Intermarket Securities submitted a revised public offer to acquire a majority shareholding in the company..

Multiline Securities Limited, serving as the manager to the offer, made this announcement on behalf of the investor on November 21, 2023.

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