KARACHI (June 04 2003) : Asian Emerging Markets Investments Ltd (AEMI), a UK based company, has bought majority equity in the IP Securities.
The Puri family, which was the main shareholder in the corporate brokerage house, has sold off its majority shareholding to the UK based firm, a release said.
The acquiring company has also decided to change the name of the company from 'IP Securities Ltd' to 'Capital One Ltd'.
AEMI is a company affiliated to the DEC group, whose business and network offices extend from the UK to the USA, the Middle East, South Africa, India, Australia and Pakistan. The total group turnover in 2001 exceeded $600 million.
The DCD Group encompasses a broad array of business, ranging from trade finance and factoring, property investment and management, information technology and small business and venture capital.
“We consider the entrance of a new strategic investor, AEMI, into the local brokerage industry as a positive development,” Wasif Ijlal, CEO, of the brokerage house, said.
He said that not only it reflects the growing confidence of foreign investors in the local financial markets, it also reflects on the steps taken by the Government of Pakistan, Securities and Exchange Commission of Pakistan (SECP) and the KSE in attracting reputed foreign groups to local bourses.
“We are convinced that the new sponsors of 'Capital One Equities' will further strengthen competition in local financial markets,” he said.