High Court gives green light to AEL-SIL merger, share allocation

MG News | December 26, 2023 at 09:52 AM GMT+05:00

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December 26, 2023 (MLN): The Lahore High Court has approved the scheme of restructuring/arrangement for the merger of AEL Textile Limited (PSX: AEL) with and into Stylers International Limited (SIL), the company’s filing on PSX showed today.

Upon the completion of merger/amalgamation through the intended Scheme, AEL will be dissolved without winding up, and the issuance of shares of SIL to the registered members of AEL.

As per the approved Scheme, SIL will be listed at Pakistan Stock Exchange Limited (PSX).

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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