Karachi, Stylers International Limited ("STYLERS") is now officially listed on the Pakistan Stock Exchange (PSX), effective from Monday, January 22, 2024. This listing is pursuant to the Scheme of Arrangement for the merger and amalgamation of AEL Textiles Limited (AEL) with STYLERS, as sanctioned by the Lahore High Court on December 21, 2023. Shareholders of AEL Textiles Limited have been allotted shares in STYLERS at a swap ratio of 0.60 STYLERS share for every 1 share of AEL.
Trading in STYLERS shares will commence on the PSX Main Board from January 22, 2024, with the first settlement date on January 24, 2024. The Market Lot for the company is set at 500 shares valued at Rs.10/- each. The Central Depository Company of Pakistan Limited (CDC) has already declared the shares as an eligible security, and all transactions will be settled through the National Clearing Company of Pakistan Limited (NCCPL), which has assigned "STYLERS" as the Company Code/Security Symbol. The opening price of the shares was determined at PKR 43.87/- per share and disseminated through PUCARS on December 29, 2023.
Stylers International Limited, incorporated in 1991 and converted into a public limited company in 2021, is a leading manufacturer and exporter of woven denim garments. Part of the US Group, Stylers employs approximately 5,000 personnel and reports an annual turnover of around $50 million. The company is recognized for its focus on customer service, innovation, sustainability, and long-standing relationships with global fashion houses.
The textile sector in Pakistan, a critical component of the country's economy, encompasses a broad range of products from cotton yarn to ready-made garments. Despite challenges, the sector has shown growth and resilience, contributing significantly to the country's foreign exchange earnings. Strategic planning and technological innovation are key to maintaining the industry's global relevance and growth.
The financial performance of Stylers International Limited shows a consistent increase in revenue over the last four years, with the latest figures for the financial year 2023 reporting a revenue of PKR 15,215 million. The company has managed to maintain a healthy gross profit margin and has shown an impressive increase in profit after taxation, from PKR 685 million in 2020 to PKR 2,517 million in 2023.