Karachi, Nov 5: The shares of G4S, a FTSE 100-listed company and the world’s largest security services company, in Wackenhut Pakistan Pvt Ltd (WPPL) has been bought completely by its Pakistani partner, Security and Management Services (Pvt.) Ltd.
Ikram Sehgal, Chairman of Wackenhut, who already owned 50 per cent stake in the company stated in press release that the buyout was primarily driven by Pakistan government’s decision not to allow any foreign shareholding in private security agencies in the country.
He declined to disclose other reasons which prompted the buyout but said that G4S had offered him more than a fair price for his shares and he declined the generous offer.
The buyout surprised the security services sector around the world as it was not expected for a Pakistani entity to have the resources to buy out shares of the largest security services company in the world.
Sehgal said the deal would not have been possible without the support of the country’s renowned bank, Bank Al Falah.
The company will now be run solely under Pakistani management, along with its sister concern, Security and Management Services (Pvt.) Ltd, a 100 per cent Pakistani company and a well-known entity in the safety and security sector in the country.
They will be supported in security services by SMS Electronic Safety Services Ltd and Research and Collection Services (Pvt) Ltd.