KARACHI: JS Global Capital Ltd, a securities broker, announced on Tuesday its intention to buy a majority shareholding and control in EFG Hermes Pakistan Ltd, another brokerage house listed on the Pakistan Stock Exchange.
JS Bank Ltd holds 92.9 per cent shares in the potential acquirer.
The regulatory filing offered few details about the expected price or the exact shareholding that the company is looking to buy in the target firm.
EFG-Hermes Frontiers Holdings LLC controls a 51pc stake in EFG Hermes Pakistan. Other shareholders include Khalid Riaz (9.9pc) and Sadaf Khalil (5.4pc) while the general public owns the remaining shareholding.
Going by the share price of Rs14.26 on Tuesday, the total value of EFG Hermes Pakistan is Rs285.4 million. This means the 51pc stake of the foreign sponsor is currently worth Rs145.5m.
Published in Dawn, January 18th, 2023
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