Karachi: In a significant development within the financial sector, EFG Hermes Pakistan Limited has issued new shares to the shareholders of Intermarket Securities Limited as part of a court-sanctioned scheme of arrangement. This move has resulted in a notable redistribution of shareholdings within the company, as disclosed under Pakistan Stock Exchange (PSX) Regulation 5.6.4.

According to the disclosure, Erum Bilwani, a director at EFG Hermes Pakistan Limited, now holds 55,455,041 shares, equivalent to 43% of the company's shareholding. Muhammad Uraib Bilwani, identified as a substantial shareholder, possesses 53,280,325 shares, representing 41% of the total shareholding. Other directors, including Shehzad Hussain, Muhammad Ashfaq, Wajid Hussain, and Muhammad Rehan Alam, each hold two shares, amounting to 0% of the shareholding.

The issuance and redistribution of shares follow the legal framework set forth by the court's scheme of arrangement, aimed at aligning the interests of stakeholders from both EFG Hermes Pakistan Limited and Intermarket Securities Limited. According to information available from the Pakistan Stock Exchange (PSX), this disclosure of interest is in compliance with regulatory requirements, ensuring transparency and accountability within the company.

Stakeholders and market participants have been notified of these changes, and the relevant information has been communicated to all concerned parties. The development is expected to have implications for the governance and strategic direction of EFG Hermes Pakistan Limited as it integrates its new shareholder base.