EFG Hermes informed the Egyptian Exchange on Thursday that it has entered into a Share and Purchase Agreement (SPA) with shareholders owning Pakistan’s Invest & Finance Securities Limited (IFSL).

According to the EFG Hermes statement, the agreement will see that EFG Hermes acquires 51% of the company’s total outstanding shares at a price of 15 Pakistani Rupees per share.

IFSL is a financial services company that is publicly traded on the Pakistani Stock Exchange with brokerage, corporate finance, and research arms.

This comes in line with the EFG Hermes’s strategy of transforming into a financial services corporation, which entails expansion into a number of frontier markets and diversifying their product offerings.