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STYLERS to debut on PSX after AEL merger

Stylers International announces Rs1 dividend despite 13% lower earnings
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January 19, 2024 (MLN): Stylers International Limited (PSX: STYLERS) is all set to be listed on the Pakistan Stock Exchange Limited (PSX) with effect from Monday, January 22, 2024, at the opening price of Rs43.87 per share, the local bourse notified today.

The company will be quoted in the "Textile Composite" sector in the daily quotation of the exchange.

STYLERS is being listed on the exchange pursuant to the scheme of arrangement for the merger/amalgamation of AEL Textiles Limited (PSX: AEL), a listed company on the exchange.

As per the swap ratio disclosed in the scheme, the shareholders of AEL have been allotted 0.60 share of STYLERS against 1 share of AEL.

Upon listing of STYLERS on PSX, AEL will be de-listed from the PSX and will be dissolved without winding up.

Trading in the shares of the company will be settled on T+2 basis, with the first settlement date being Wednesday, January 24, 2024.

Meanwhile, the market lot of the company will be 500 shares of Rs10 each.

The shares of the company have already been declared as an eligible security by the Central Depository Company of Pakistan Limited (CDC) and all the transactions will be settled through the National Clearing Company of Pakistan Limited (NCCPL).

NCCPL has assigned "STYLERS" to the company as their company code/security symbol.

Company Information

Stylers International Limited is principally engaged in carrying out manufacturing, marketing, and export of ready-made garments.

Stylers International is a manufacturer and exporter of woven denim garments.

The company is part of US Group, one of the biggest vertically designed Denim Fabric and Apparel manufacturers in Pakistan.

The group is employing almost 23,000 employees and a total turnover of more than 5.45 billion per year, Stylers employees are around 5,000 and its turnover is around $50 million per year.

The company is currently supplying garments to some of the best fashion houses of the world.

Copyright Mettis Link News

Posted on: 2024-01-19T10:35:55+05:00