Bank Alfalah to manage shares sale purchase deal of Finance Securities

Bank Afalah Limited has been handed over a task to manage a share acquisition deal of Invest and Finance Securities on the behalf of EFG-Hermes Holding Company.

Bank Alfalah's has sent a formal request of intention of majority shareholding (51 percent) to the management of Invest and Finance Securities from Egypt based Investment bank.

Recently, the two major shareholder of the securities announced to divest their stakes up to 78 percent hence received different proposal from acquirers for evalua- tion. EFG Hermes is though a newest having a current footprint spanning seven countries in the Middle East and North Africa. The company provides a wide spectrum of financial services that include investment banking, asset management, securities brokerage, research and private equity to the entire region. Furthermore, EFG Hermes owns a 63.7% majority stake in the Lebanese commercial bank, Credit Libanais. According to information, Bank Alfalah as a manager will make public announcement through advertisement for acquisition of 10.2 million shares of Invest and Finance Securities.

Analysts said the acquisition of shares by foreign company is good omen to attract foreign direct investment and special expertise of a investment bank having widespread business in Middle East countries.

The securities company profit growth declined to Rs 149 million in 2015 from Rs 200 million in 2014. Further it needs to boost up its paid-up capital of Rs 200 million to operate well having reduced its values subsequently a share purchase deal among board members.

Invest and Finance Securities Limited was incorporated September 27, 1999 as a Private Limited Company and converted into Public Unquoted Company on November 27, 2006. Effective March 20, 2008 IFSL has become a listed company on the Karachi Stock Exchange Limited.

The company started its operations in the year 1999 immediately after incorporation. Invest and Finance Securities is engaged in Financial Brokerage, Corporate Finance and Financial Research and is well-positioned to respond the dynamic business environment. The company is a Trading Right Entitlement Certificate (TREC) Holder of the Pakistan Stock Exchange Corporate Member of the Pakistan Mercantile Exchange Limited and is registered with/accredited by Financial Markets Association of Pakistan as Inter-bank broker and Mutual Funds Association of Pakistan as Service Provider/Distributor.