AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Lahore, Stylers International Limited has announced a rights issue of 53,540,353 ordinary shares, representing approximately 12.30% of its existing paid-up capital. The issue, priced at PKR 43.50 per share including a premium of PKR 33.50, aims to raise PKR 2.329 billion. According to information available from the Pakistan Stock Exchange (PSX), this initiative is designed to fund an expansion that aligns with the company’s long-term sustainability and growth strategy.
The raised funds are earmarked for a significant expansion initiative, including the repayment of funds obtained from associated companies or directors and further expenditures needed for the project’s completion. The expansion includes the installation of a 1000 KW solar power generation project and aims to increase the company’s production capacity by 35,000 garment units per day.
This strategic initiative is expected to enhance the company’s production capabilities and sustainability, offering significant value to shareholders by potentially increasing revenue, expanding market share, and enhancing cost efficiency. The rights issue is further bolstered by the commitment of substantial shareholders and directors to subscribe to their entitlements, with the remaining portion underwritten according to applicable laws.