The UAE-based EFG Hermes Frontier Holdings LLC has acquired majority shares of Invest and Finance Securities Limited (IFSC) at more than Rs 153.119 million, said a stock filing Thursday. The transaction, according to IFSC''''s company secretary Muhammad Awais, was undertaken through a Share Purchase Agreement EFG signed with IFSC''''s management on Wednesday August 24.
In a stock filing to Pakistan Stock Exchange, Awais said to have been informed by the company''''s directors and shareholders, including Muzzamil Aslam, Hayat Javed, Irfan Pardesi, Shakeel Ilyas, Fayyaz Ilyas and Asim Ali, about signing of the agreement. The above individuals cumulatively hold 78 percent or 15.61 million ordinary shares of the total issued shares of IFSC. EFG, a wholly-owned subsidiary of EFG-Hermez Holding Company, has bought up to 10.20 million shares of the local brokerage firm. The transaction would materialise after all the regulatory approvals required.