EFG Hermes Pakistan Limited (EFG Pakistan) has disclosed significant corporate developments following a Board of Directors meeting held on January 31, 2024. The company communicated its in-principle approval for a merger with Intermarket Securities Limited (IMS). This proposed merger is contingent on the finalization of deal terms, transaction documents, and the receipt of all necessary corporate and regulatory approvals from both EFG Pakistan and IMS. In parallel to the merger announcement, EFG Pakistan also disclosed leadership changes within the company.

Mr. Saad Iqbal, the existing director has resigned from his position, with his resignation accepted by the Board. Mr. Syed Raza Haider Jafri has been appointed as the new director, pending fit and proper clearance from the Securities and Exchange Commission of Pakistan (SECP)/Pakistan Stock Exchange (PSX). Additionally, Mr. Murad Ansari, serving as a director and chairman, has tendered his resignation, which has also been accepted.

The board addressed the vacancy created by appointing Mr. Azneem Bilwani as a Director, subject to the requisite clearances from the SECP/PSX. Furthermore, Mr. Freyan Avari has been appointed as the chairman of the board of directors.