AEL Textile to merge with Stylers International

June 05, 2023 (MLN): The Board of Directors (BoD) of AEL Textile Limited (PSX: AEL) has in principle approved the scheme of restructuring/arrangement for the merger of AEL with and into Stylers International Limited (SIL), the company’s filing on PSX showed today.

The Scheme envisages the merger of AEL's entire undertaking with all the assets, rights & privileges including PSX listing status, CDC eligibility, and liabilities upon implementation of the proposed Scheme with and into SIL.

This is with reference to the earlier notice on April 27, 2023, regarding the task given by AEL's BoD to the management to explore further options to fast-track AEL's revival and to explore the feasibility of a potential merger with any other textile company.

SIL will become a company listed on PSX in the place of AEL after the filing of necessary documents and completing the required formalities.

After the proposed merger and upon the listing of shares of SIL on PSX, AEL will be automatically de-listed from PSX, and dissolved without winding up without any further acts or formalities.

AEL’s primary activity is in the business of the generation and distribution of electricity.

SIL is an associated company of AEL, engaged in the manufacturing, export, and sale of readymade garments.

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