EFG-Hermes unit inks SPA to acquire 51% of Pakistani brokerage house

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Egypt’s EFG-Hermes announced Thursday that its subsidiary EFG-Hermes Frontier Holdings LLC signed purchase contracts with the shareholders who own 78 percent of Invest and Finance Securities Limited (IFSL)’ shares, at 15 Pakistani Rupee (US$0.1432) per share.

The contracts were signed after finalising the due diligence review.

Consequently, after receiving the required regulatory approvals, EFG Hermes Frontier Holding LLC will submit a tender offer for IFSL shares, in accordance with Pakistan Stock Exchange (PSX) takeover law for listed companies.

“This comes in line with the strategy outlined by the company which entails expansion into a number of new markets which offer great potential and would enable us to better serve our clients and diversify our current offering.” EFG-Hermes said in a statement to Cairo and London stock exchanges.