Stylers International Limited Announces Details of Right Shares Subscription and Dispatch of Letters to Shareholders

Karachi: Stylers International Limited has officially announced the dispatch of the Letter of Rights and CDS intimation letters to its shareholders on July 10, 2024, marking a significant step in its rights issue process. According to information available from the Pakistan Stock Exchange (PSX), the documents, including Schedule-1 (Offer Document), were issued in compliance with Clause 5.6.9(b) of the Rule Book of the Exchange, with public notices also appearing in Business Recorder and Nawa-i-Waqt on the same date.

The directors and sponsors of the company have fully subscribed to their 99% entitlement of the right shares, amounting to PKR 2,303.949 billion, three days ahead of the start of trading of these unpaid rights on PSX. This subscription occurred on July 8, 2024.

Furthermore, the company notified that the unpaid rights have been credited to shareholders’ CDS accounts as of July 8, 2024. These credits were issued at a ratio of approximately 12.3 shares for every 100 ordinary shares held as of June 27, 2024. The trading of these unpaid rights on the Pakistan Stock Exchange will commence on July 11, 2024, and continue until August 2, 2024, with the subscription period closing on August 9, 2024. The credited right shares are scheduled to be reflected in CDS accounts by August 30, 2024.

Stylers International has provided several payment methods for shareholders to subscribe to the offer, including cash, crossed cheque, demand draft, or pay order through Meezan Bank Limited before August 9, 2024. For non-resident Pakistani or foreign shareholders, payments must be accompanied by certified copies of NICOP or Passport and need to be sent to the company secretary well in advance of the deadline.

The company has also made provisions for the digital subscription of rights through an online payment facility via 1Link, which enables investors to make payments through various online banking channels.

Shareholders holding physical shares have been specifically instructed on how to renounce or transfer their rights through their CDS accounts to another account holder within CDC’s system. This process must be completed following the guidelines provided in the Letter of Rights concerning the splitting, renunciation, and deposit into CDS.