Pakistan Stock Exchange (PSX) on Thursday delisted AEL Textiles Limited amid its scheme of arrangement with Stylers International Limited, sanctioned by the Lahore High Court (LHC).
The PSX also notified the listing of Stylers International, and said that trading of company’s shares will start on January 22, 2024.
The scheme of arrangement merges AEL into Stylers with a swap ratio. AEL’s shareholders will get 0.60 share of Stylers against one share. The Market Lot of the company will be 500 shares at Rs 10 each.
The opening price of Styler’s shares is Rs 43.87 per share, determined by the company and it has been spread through Pakistan Unified Corporate Action Reporting System (PUCARS).
Stylers will be quoted in the Textile Composite sector in the daily quotation of the exchange.
The scheme of arrangement was approved by the Lahore High Court on 21st December 2023. Upon the sanction of the scheme of the arrangement, Stylers International Limited will continue as a going concern under the same name, and AEL Textiles upon the merger/amalgamation shall be dissolved and cease to exist without winding up.
Stylers’ has been reporting profits in the last four years.
