Tuesday, May 28, 2024

PSX Marks Merger of AEL Textiles and Stylers International in Gong Ceremony

Pakistan Stock Exchange (PSX) hosted a gong ceremony at its Lahore office to commemorate the successful merger and amalgamation of AEL Textiles Limited (AEL) with Stylers International Limited (SIL). This significant event involved combining the businesses, assets, and share capital of both companies, ultimately delisting AEL and welcoming SIL as the newly listed entity on PSX.

Farrukh H. Khan, MD & CEO PSX, expressed his satisfaction with the merger, stating, "I am very happy to welcome Stylers International Limited, part of the US Group, to PSX." He highlighted the importance of listing in the public markets for sustainable and exponential growth. Khan congratulated Stylers International on their listing and anticipated the future inclusion of their other group companies on PSX.

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Hafiz Mustanser Ahmed, CEO of Stylers International, extended gratitude to regulatory authorities, the PSX team, and stakeholders for their pivotal role in the successful listing process. He provided insights into Stylers International's impressive denim apparel production capacity of 9 million pieces per annum, positioning the company as a significant player in the textile industry. Ahmed also introduced "Project Sunshine," a state-of-the-art facility with LEED Platinum certification, representing a substantial investment of 30 million USD. The facility is expected to be fully operational by the second half of 2024, marking a significant milestone in Stylers International's expansion timeline.

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Zain is a dynamic business student with a passion for technology that goes beyond the classroom. When he's not immersed in his studies, Zain can be found playing with the latest gadgets, fueled by a genuine curiosity for emerging tech trends. His love for technology extends to his avid reading habits, where he stays updated on the latest advancements and breakthroughs in the tech world. Despite his academic focus, Zain is also an outdoor enthusiast, always ready for an adventure. With several years of experience in writing news, Zain brings a unique blend of business acumen, tech-savviness, and journalistic expertise to any discussion or project.
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