⚡ Flash Summary
Intermarket Securities Limited (IMS) disclosed that AB Holdings acquired 102,079,820 ordinary shares, equivalent to 7.92% of IMS’s issued and paid-up capital, from EFG Hermes Brokerage Holding LLC at PKR 0.01 per share. This transaction results in an indirect change in the beneficial shareholding and ownership of Ms. Erum Bilwani, a director and substantial shareholder of both IMS (holding 43.07% shares) and AB Holdings (holding 30% shares). The shares are held in electronic form with the Central Depository Company (CDC). The disclosure aims to keep the Pakistan Stock Exchange (PSX) and market participants informed as per regulatory requirements.
📌 Key Takeaways
- 📢 AB Holdings acquired 7.92% of Intermarket Securities Limited (IMS).
- 💰 Purchase price: PKR 0.01 per share.
- 🏢 Seller: EFG Hermes Brokerage Holding LLC.
- 📅 Transaction date: September 30, 2025.
- 👤 Ms. Erum Bilwani is a director and substantial shareholder of both IMS (43.07%) and AB Holdings (30%).
- 📊 The transaction involved 102,079,820 ordinary shares.
- 🏛️ Shares are held electronically with the Central Depository Company (CDC).
- 🔄 Indirect change in beneficial shareholding of Ms. Erum Bilwani.
- 📜 Disclosure made under Rule 5.6.4 of the PSX Rule Book.
- 🗓️ Disclosure date: November 17, 2025.
- ✉️ AB Holdings’ purchase intimation letter dated November 10, 2025.
- 🤝 Share Purchase Agreement (SPA) executed on September 30, 2025.
🎯 Investment Thesis
HOLD. The acquisition of a 7.92% stake in Intermarket Securities Limited (IMS) by AB Holdings introduces both opportunities and uncertainties. While the transaction may signal strategic alignment and potential synergies, a comprehensive understanding of the financial implications and operational changes is needed. Given the limited information available in the disclosure, a HOLD recommendation is appropriate until further details emerge. The price target will need more information and is not possible to compute given the limited financial detail.
Disclaimer: AI-generated analysis. Not financial advice.