Shares of Stylers International Limited to List At PSX On Monday

Stylers International Limited (STYLERS) will be officially listed at the Pakistan Stock Exchange (PSX) on Monday, 22 January 2024, the main bourse said in a notification on Thursday. STYLERS is being listed on the Exchange under the Scheme of Arrangement for merger/amalgamation of AEL Textiles Limited (AEL), a listed company on the bourse sanctioned by the Lahore High Court vide Order dated December 21, 2023, the stock filing said. “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,” the filing added. Trading in the shares of the Company will commence on the PSX Main Board from Monday, January 22, 2024, and shall be settled on a T+2 basis. The first settlement date will be Wednesday, January 24, 2024. Also, the Market Lot of the Company will be 500 shares of Rs.10/- each. According to the stock filing, 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 shall be settled through the National Clearing Company of Pakistan Limited (NCCPL). NCCPL has assigned “STYLERS” to the Company as their Company Code / Security Symbol. The Opening Price of the shares of the Company will be PKR 43.87/- per share, as determined by the Company which has already been disseminated through PUCARS on December 29, 2023, per the stock filing. Stylers International Limited was incorporated in Pakistan as a private limited company under the repealed Companies Ordinance, 1984 (now Companies Act, 2017) on 27 November 1991 and was converted into a public limited company with effect from 21 May 2021. The company 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 employs almost 23,000+ employees and a total turnover of more than $450 million/year. Stylers’ employees are around 5,000 and its turnover is around $50 million/year. The Company is currently supplying garments to some of the best fashion houses in the world. Stylers is focused on customer service, R&D, innovation, and sustainability. A state-of-the-art expansion project of the company is under construction and will start commercial operation within 2024.