January 23, 2024 (MLN): A gong ceremony was held at Pakistan Stock Exchange (PSX) at its Lahore office to mark the merger/amalgamation of AEL Textiles Limited (PSX: AEL) with and into Stylers International Limited (PSX: STYLERS), said a press release issued today.
This was an important event for the capital market whereby AEL, a listed company which was formerly an energy company, and STYLERS will combine the businesses and assets of both the companies as well as share capital of their members into one company for value addition for both the companies’ members.
Subsequent to the completion of the merger/amalgation process and issuance of shares of STYLERS to the registered members of AEL, the latter company will be dissolved and will be delisted from PSX whereas SIL will instead stand listed thereupon.
Speaking about the merger/amalgamation of AEL with and into STYLERS, Farrukh H. Khan, MD & CEO PSX, stated, “I am very happy to welcome Stylers International Limited, part of the US Group, to PSX."
He added that listing and becoming part of the public markets is a significant event in the life cycle of a company, enabling the company to be on a path of sustainable and exponential growth.
"I congratulate Stylers International for this progressive development and for their listing on Pakistan Stock Exchange, wish them continuing success and look forward to welcoming their other group companies to PSX as well,” he further added.
The CEO Stylers International, Hafiz Mustanser Ahmed, extended gratitude to the regulatory authorities, the PSX team, and all stakeholders who have played a pivotal role in the successful listing process.
In shedding light on Stylers International's diversification and expansion strategies, Hafiz Mustanser provided detailed insights into the company's impressive denim apparel production annual capacity of 9 million pieces per anum, positioning it as a significant player in the textile industry.
He also introduced Project Sunshine, that is a state-of-the-art facility, located at Raiwind Chunian Road, Lahore. It has received the prestigious LEED Platinum certification, spanning an expansive 0.5m square feet of civil construction area and 35 acres of land, the facility represents a substantial investment, totaling $30m.
Project Sunshine is slated to become fully operational by the second half of 2024, marking a significant milestone in Stylers International of US Group’s expansion timeline.
Copyright Mettis Link News
Posted on: 2024-01-23T09:57:51+05:00
