Karachi: Stylers International Limited announced the complete utilization of proceeds raised from its right issue, according to a progress report released on August 22, 2024. The company successfully allocated the entire sum of 2.33 billion Pakistani Rupees raised through the issue.

The right issue proceeds were primarily directed toward the repayment of loans from associates and directors, accounting for a significant portion of the funds utilized. Specifically, 1.56 billion Pakistani Rupees, equivalent to 67% of the total proceeds, was allocated to this purpose. The remaining funds, amounting to 0.76 billion Pakistani Rupees or 33% of the proceeds, were invested in capital expenditure necessary for the completion of an expansion project.

According to information available from the Pakistan Stock Exchange (PSX), the company reported no un-utilized amount from the right issue proceeds, indicating a very large or significant move in the complete allocation of funds.

The right issue, completed on August 22, 2024, underlines Stylers International Limited's commitment to strategic financial management and operational expansion. The company's focus on repaying debt and investing in growth projects aligns with its broader market strategy in the textile sector.