Global rejects merger proposal from Fincorp

18/07/2016 06:22 AST

A proposal to acquire Global Financial Securities (a subsidiary of Global Financial Investment) by the Financial Corporation (Fincorp) was not agreed by the former company’s parent firm. However, Fincorp expressed its interest in studying a merger scheme (through incorporation) between Fincorpand Global Financial Securities, both companies said in a disclosure statement posted on MSM website. The decisions were made by both managements, following a meeting.

“The structure of the transaction, if agreed upon, shall be subject to the approval of board of directors and shareholders of both companies and CMA,” the disclosure statement added. The market regulator Capital Market Authority (CMA), way back in 2011, was encouraging merger of brokerage firms to make these institutions financially strong entities at a time the traded volumes were low and to achieve economies of scale. The incentives for merging firms in 2011 included exemption from licensing fees, annual subscription and the fees for carrying out the activities for three years. Also, merging firms were exempted from paying stock market’s share in the trading commission for one year from the date of merger.


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