Egypt-based investment bank, EFG Hermes announced Sunday that its fully-owned subsidiary EFG Hermes Frontier has completed the acquisition of 51 percent of Pakistan’s listed brokerage house Invest & Finance Securities Ltd (IFSL).
According to the acquisition agreement, EFG Hermes Frontier has purchased 10, 207,981 shares, representing 51 percent of IFSL total outstanding shares at a price of Pak Rupees 15 per share.
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.
Earlier, EFG Hermes announced in March 2016 plans to acquire approximately 51 percent of Invest & Finance Securities Ltd, a listed company on the Karachi Stock Exchange with a total shareholders’ equity of $1.9 million.
IFSL provides financial brokerage, corporate finance and financial research, and has offices/branches in Karachi and Lahore in Pakistan.
