The Board of Directors of EFG Hermes Pakistan Limited (EFG Pakistan) has in-principle approved a merger transaction involving the merger of Intermarket Securities Limited (IMS) with and into EFG Pakistan, the company said in a notice to Pakistan Stock Exchange (PSX) on Wednesday.
According to the notice, the Board of Directors has also authorized the company to enter into a memorandum of understanding and enter into discussions and negotiations in relation to the same.
The proposed transaction is subject to finalization of deal terms, transaction documents, and obtaining of all requisite corporate and regulatory approvals, consents, and authorizations being obtained by both EFG Pakistan and IMS, it added.
Furthermore, the existing Director and Chief Executive Officer of EFG Pakistan, Saad Iqbal has submitted his resignation, which has been accepted by the Board. The Board has appointed Syed Raza Haider Jafri as the replacement Director and Chief Executive Officer, who will assume the role of Chief Executive Officer, subject to fit and proper clearance from the SECP/PSX.
Murad Ansari, a Director and Chairman, has also submitted his resignation, which has been accepted by the Board. The Board has filled in the causal vacancy so created by appointing Azneem Bilwani as a Director, who will assume such role, subject to fit and proper clearance from the SECP/PSX.
Moreover, the Board of Directors of the Company has also appointed Freyan Avari as the Chairman of the Board of Directors of the Company as well.