Karachi: EFG Hermes Pakistan Limited has addressed a query from the Pakistan Stock Exchange (PSX) regarding unusual movements in its stock price. The correspondence occurred following a request for clarification by the PSX on October 1, 2024, after observing significant fluctuations in the price and volume of EFG Hermes Pakistan's shares.

In a letter dated October 2, 2024, Shahid Kamal, the Company Secretary of EFG Hermes Pakistan, clarified to Hafiz Maqsood Munshi, the Unit Head of Listed Companies Compliance-RAD at the PSX, that the company is currently not in possession of any price-sensitive information that mandates immediate disclosure. The company referred to an ongoing merger process with Intermarket Securities Limited, which is still pending at the Sindh High Court. According to information available from the Pakistan Stock Exchange (PSX), EFG Hermes Pakistan had previously informed the exchange about this matter on June 25, 2024.

Kamal assured the PSX that as soon as the company receives the necessary court approval for the merger transaction, it will comply with the regulations by disclosing the information promptly. The response aims to maintain transparency and adhere to regulatory requirements, ensuring that stakeholders are kept informed about significant developments affecting the company.

EFG Hermes Pakistan's proactive communication with the PSX underscores its commitment to regulatory compliance and timely disclosure in alignment with market regulations.