SIL to issue 4.8m shares to AEL shareholders in merger deal

MG News | June 07, 2023 at 02:45 PM GMT+05:00

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June 07, 2023: AEL Textile Limited (PSX: AEL)' shareholders will be alloted 4.8 million shares of Stylers International (SIL) after the acquistion by SIL.

AEL together with all its assets, rights, privileges including the status of listing on PSX and eligibility for induction with Central Depository Company (CDC) and all its liabilities, obligations, share capital, and reserves will be merged with and into SIL.

As a consequence of the Merger and upon listing of the shares of SIL on PSX, AEL will be de-listed from the PSX and will be dissolved without winding up.

This is in reference to the approval on June 03, 2023 of the scheme of restructuring/arrangement for the merger of AEL with and into Stylers International Limited (SIL) by theBoard of Directors (BoD) of AEL.

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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