AKD looks to acquire another brokerage
AKD Group Holdings Ltd of stockbroker Aqeel Karim Dhedhi said on Wednesday it intends to buy a majority shareholding and control in EFG Hermes Pakistan Ltd, a brokerage house listed on the Pakistan Stock Exchange.
The regulatory filing offered few details about the expected price or the exact shareholding that the potential acquirer is looking for, except that it should be at least 51pc of the company’s total paid-up capital.
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EFG-Hermes Frontiers Holdings LLC controls a 51pc stake in EFG Hermes Pakistan. Other shareholders include Khalid Riaz (9.9pc) and Sadaf Khalil (5.4pc) while the general public owns the remaining shareholding.
Going by the share price of Rs14 on Wednesday, the total value of EFG Hermes Pakistan is Rs280.2 million. This means the 51pc stake of the foreign sponsor is currently worth Rs142.9m.
