Stylers International Completes Rights Issue Subscription of PKR 2.3 Billion

Business & Finance

Karachi: Stylers International Limited has successfully completed the subscription process for its recent rights issue, securing an aggregate amount of PKR 2,303,949,578. This amount corresponds to the full subscription of 52,964,358 right shares, priced at PKR 43.50 each, by the company's sponsors, directors, and substantial shareholders. The transaction, completed on July 8, 2024, adheres to the provisions of the Companies (Further Issue of Shares) Regulation, 2020.

The company's statutory auditors, M/s. Riaz Ahmad and Company, Chartered Accountants, issued an Auditor's Certificate on the same day, affirming the receipt of the necessary funds for this share issuance. According to the detailed statement, prominent subscribers include U.S Apparel and Textiles (Private) Limited and U.S Denim Mills (Private) Limited, which contributed PKR 1,490,075,712 and PKR 813,252,164 respectively. Another significant shareholder, Mr. Javed Arshad Matti, contributed PKR 621,702.

According to information available from the Pakistan Stock Exchange (PSX), compliance with the PSX regulations was mandatory, with a requirement to submit an auditors’ certificate at least three working days before the commencement of trading, which is scheduled for July 11, 2024. This rights issue allows the company to enhance its capital base by engaging its key stakeholders directly in the fundraising process.

This capital injection through right shares is expected to support the ongoing and future operational requirements of Stylers International, strengthening its financial position and underpinning further business expansions.