Karachi: Intermarket Securities Limited, previously known as EFG Hermes Pakistan Limited, has announced significant changes to its board of directors and executive management following a recent merger and board reconstitution. The company, in an effort to address casual vacancies and comply with regulatory requirements for a minimum board size of seven members, has reaffirmed the positions of Syed Raza Haider Jafri and Mr. Shahid Kamal as directors.

The decision comes as part of a broader strategy to ensure compliance and continuity within the company’s governance structure. According to information available from the Pakistan Stock Exchange (PSX), these appointments are integral to maintaining the necessary board composition as stipulated by regulatory standards.

In addition to the board adjustments, the company also announced a change in its executive management. Mr. Umar Farooque has resigned from his position as Chief Financial Officer, and Mr. Zulfiqar Ali has been appointed as his successor. This transition is set to take effect on November 22, 2024.

Intermarket Securities Limited has communicated these developments to the TRE Certificate Holders of the Exchange, ensuring all stakeholders are informed of the changes.