EFG Hermes is moving into Pakistan. Wholly-owned subsidiary EFG Hermes Frontier Holding has entered into a sale and purchase agreement to acquire a majority stake in Pakistan’s Invest and Finance Securities Limited (IFS), the firm announced in a regulatory filing on Thursday. The transaction is worth about PKR 153.12 mn (c. USD 1.46 mn). Subject to regulatory approval, EFG Hermes Frontier Holding LLC will submit a tender offer for IFSL shares, in accordance with Pakistan Stock Exchange regulations. EFG Hermes said in June that its roadmap following the sale of most of its stake in Lebanon’s Crédit Libanais would include transformation into a frontier house. We had reported back in March that Bank Alfalah was advising EFG Hermes on the sale. IFS Chairman and CEO Muzammil Aslam said at the time that “Global investment banks have done business in Pakistan’s equity market, but EFG will be the first one to actually have its own skin in the game as a majority shareholder of a local brokerage house.” Aslam led a group in the acquisition of 78% of IFS in November 2015; 22% of the company’s shares are in free float on the PSX. IFS’s website says the firm offers “financial brokerage, corporate finance and financial research” and has offices in Karachi and Lahore.