EFG Hermes Pakistan Limited Approves Merger with Intermarket Securities in Extraordinary General Meeting

Karachi, In a significant move within the financial sector, EFG Hermes Pakistan Limited announced the approval of a merger with Intermarket Securities Limited. The decision came during an Extraordinary General Meeting (EGM) held on March 28, 2024, as detailed in a communication to the Pakistan Stock Exchange (PSE).

The merger, advised and sanctioned by the High Court of Sindh, encompasses the entire undertaking of Intermarket Securities Limited into EFG Hermes Pakistan Limited. This strategic consolidation was deliberated and passed by a requisite majority under the stipulations of Sections 279 and 282 of the Companies Act, 2017. The special resolution, stemming from a Scheme of Arrangement dated February 29, 2024, also encompasses potential name changes for the company and other ancillary matters, all subject to the approval and conditions set forth by the High Court of Sindh.

The resolution is a part of a broader initiative to streamline operations and enhance service delivery within the financial services sector, following the guidelines and regulations outlined in the PSX Rule Book, clause 5.6.9(b). The merger is anticipated to foster a stronger, more versatile entity capable of delivering superior financial solutions to its clientele.

This development marks a pivotal moment for both entities involved and signifies a forward momentum in the financial landscape of Pakistan, aligning with the regulatory and strategic framework envisioned by the Companies Act of 2017.