Karachi, JS Global Capital Limited (JS Global) has withdrawn its public announcement of intention to acquire majority shares and control of EFG Hermes Pakistan Limited. The Investor's decision was communicated through a letter received on July 10, 2023, by Next Capital Limited, who disclosed the information on behalf of JS Global at the Pakistan Stock Exchange Limited.

The initial announcement, which was made on January 17, 2023, had created a buzz in the financial market. JS Global, a prominent financial institution, had expressed its intention to acquire a minimum of 513 shareholdings in EFG Hermes Pakistan Limited, a move that would have granted them control over the company.