AKD Group intends to buy majority shares of EFG Hermes
Business
Combined revenues of Pakistan, Jordan in 2022's first 9 months would not affect revenue, says AKD
(Web Desk) - In order to control EFG Hermes Pakistan Limited and buy at least 51 percent of the issued and outstanding ordinary shares, AKD Group Holdings (Pvt.) Limited has made its intention known.
AKD Securities Limited, manager of the offer by AKD Group Holdings (Pvt.) Limited, disclosed the development in a notification to Pakistan Stock Exchange (PSX).
We, AKD Securities Limited, have been designated as manager to offer by AKD Group Holdings (Pvt.) Limited (the Acquirer) according to rule 6(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, the notification read.
The change occurred when it was discovered that EFG Hermes Holding S.A.E., a financial services firm with its headquarters in Cairo and the parent company of EFG Hermes Pakistan Limited, was exploring departure strategies from Pakistan and Jordan.
The decision will not have any major impact on the revenues of the firm, according to the disclosure statement the company released on its website.
The business added that the withdrawal from Pakistan and Jordan would not materially affect its revenue because the combined revenues of both the countries in 2022 s first nine months and 2021 s entire year comprised less than one percent of the group s total revenue.
