Bank Al­falah to man­age shares sale pur­chase deal of Finance Se­cu­ri­ties

The Pak Banker - - COMPANIES/BOSS -

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.

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