Pakistan Stock Exchange (PSX) on Tuesday conducted a gong ceremony to mark the merger/amalgamation of AEL Textiles Limited with and into Stylers International Limited.
Speaking on the occasion, Farrukh H. Khan, MD & CEO PSX, stated, “I am very happy to welcome Stylers International Limited, part of the US Group, to PSX. 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 the PSX, wish them continuing success, and look forward to welcoming their other group companies to the exchange as well.”
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 scheme of arrangement was approved by the Lahore High Court on December 21, 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.
