Cairo – Mubasher: EFG-Hermes said Thursday that its fully owned subsidiary EFG-Hermes Frontier Holdings LLC purchased a stake of 78% in Pakistan's Invest and Finance Securities, a bourse statement revealed.
The 100%-owned subsidiary signed the contracts after finalizing the due-diligence review at 15 Pakistani Rupee a share, the statement revealed.
Earlier, the leading investment group announced its intention to bid for 10.2 million shares, or a 51% stake, in Invest Finance Limited that is listed in the Karachi Stock Exchange after getting all regulatory approvals.
The stock quote opened Thursday at EGP 12.5% by 10:22am Cairo time.
