Stylers International Limited Completes Share Issuance Following Merger with AEL Textiles Limited

Karachi, Stylers International Limited has successfully completed the issuance of shares in connection with its merger with AEL Textiles Limited. As of the end of the day on January 16, 2024, a total of 4,742,321 securities of Stylers International Limited were credited into respective accounts and/or sub-accounts in the Central Depository System. This issuance is part of the exchange agreement in which shareholders of AEL Textiles Limited received 0.6 shares of Stylers International Limited for every one share of AEL Textiles Limited, as per the Merger Entitlement List dated January 09, 2024.

This significant step follows the confirmation letter dated January 15, 2024, and marks a milestone in the merger process between the two companies. In line with this development, the security for “AEL Textiles Limited” has been revoked from the Central Depository System effective January 17, 2024. This revocation is a standard procedure following the completion of a merger, signifying the end of AEL Textiles Limited as a standalone entity in the market.

Furthermore, following this issuance and merger, the paid-up capital of Stylers International Limited now stands at 435,287,420 shares. The company has requested stakeholders to review their records and report any discrepancies urgently, ensuring accuracy and transparency in the share distribution process.

This merger and subsequent share issuance represent a strategic move by Stylers International Limited, potentially expanding its market presence and operational capacity. It also reflects the dynamic nature of the textile industry in Pakistan, with companies increasingly looking for consolidation to leverage synergies and enhance competitiveness.