AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: EFG Hermes Pakistan Limited (EFGH) announced the approval of its merger with IMS Securities Limited (IMS) following the sanction of the Scheme of Arrangement by the Honourable High Court of Sindh. According to the disclosure issued by EFG Hermes, the court’s order dated October 9, 2024, allows for the merger of IMS with and into EFGH under a swap arrangement. This development follows an earlier disclosure made on February 28, 2024.
As part of the merger, EFGH will allot and issue a total of 108.74 million ordinary shares to IMS shareholders. According to information available from the Pakistan Stock Exchange (PSX), the share exchange will be conducted at a swap ratio of approximately 2.16 ordinary shares of EFGH for each ordinary share held by IMS shareholders. The adjustment of fractional shares will also be made in line with the terms set out in the Scheme of Arrangement.
The record date for determining the identities and entitlements of IMS shareholders will be fixed by the directors of IMS in due course. Further details will be provided to the shareholders as the process progresses, and EFGH has assured shareholders that they will be kept informed of any significant developments.
The merger represents a significant step in EFGH’s consolidation strategy, aimed at expanding its market presence and streamlining operations. The company has urged stakeholders to remain attentive to future updates regarding the ongoing merger process.