Karachi: EFG Hermes Pakistan Limited has successfully met all regulatory requirements for the allotment of shares to the Central Depository Company of Pakistan Limited (CDC) following its merger with Intermarket Securities Limited, according to a certificate issued by Russell Bedford Rahman Sarfaraz Rahim Iqbal Rafiq, the auditors of the company. The confirmation comes as part of the compliance with the Central Depository System Standard Operating Procedures (CDC-SOPs).

On October 14, 2024, the High Court of Sindh at Karachi sanctioned the merger scheme without imposing any conditions, allowing the transfer of all assets from Intermarket Securities Limited to EFG Hermes Pakistan Limited. According to information available from the Pakistan Stock Exchange (PSX), the merger resulted in an increase of the issued paid-up capital from 200.16 million to 1,287.51 million, with the issuance of 108,735,374 new shares.

The auditors' certificate confirms that EFG Hermes Pakistan Limited adhered to the stipulations of Section 282 of the Companies Act, 2017, and fulfilled all formalities required for the share allotment in the name of the CDC. The certificate detailed the auditors' verification process, which included tracing existing issued paid-up capital, reviewing the High Court order, recalculating the revised paid-up capital, and ensuring compliance with the merger scheme.

The certificate emphasizes that the company's management is responsible for maintaining adequate accounting records and internal controls. The auditors reiterated that their examination was conducted following the "Guidelines for issue of Shares for Special Purposes by Practicing Chartered Accountant Firms" issued by the Institute of Chartered Accountants of Pakistan.

The auditors' certification serves the specific purpose of submission to the CDC and is not intended for distribution to any third party without prior written consent.