AKD Group withdraws EFGH acquisition announcement

In a notification sent to PSX on 09/04/2024, EFG Hermes Pakistan Limited (EFGH) has announced that AKD Group is withdrawing from EFG Hermes acquisition plan.

Topline Securities Limited, vide its letter dated April 8, 2024, which was also disclosed to the Pakistan Stock Exchange Limited, has announced on behalf of AKD Group Holdings (Private) Limited (herein referred to as the “Investor”), that Topline Securities Limited has withdrawn the Investor’s public announcement of intention to acquire at least 51% shareholding and control of EFG Hermes Pakistan Limited, which was circulated vide letter dated October 31, 2023.

The shares of EFGH were last trading at Rs. 16.15 today.