Karachi, Tri-Star 1st. Mutual Fund (FTSM) saw a modest rise in its share price, opening at PKR 11.78 and closing slightly higher at PKR 11.88. The stock fluctuated between PKR 11.78 and PKR 11.85, with 1,500 shares traded, closing at PKR 10.99.

KARACHI, The Pakistan Stock Exchange (PSX) in Lahore witnessed a significant event in its capital market landscape with a gong ceremony held to mark the merger of AEL Textiles Limited (AEL) into and with Stylers International Limited (SIL). This merger represents a strategic consolidation of two entities, aiming to enhance value for the members of both companies.

According to Pakistan Stock Exchange Limited, the merger of AEL, a formerly listed energy company, with SIL will result in the integration of the businesses, assets, and share capital of both entities into a singular, more robust company. Following the completion of the merger and amalgamation process, including the issuance of SIL shares to registered AEL members, AEL will be dissolved and delisted from the PSX, while SIL will become the listed entity.

Mr. Farrukh H. Khan, MD and CEO of PSX, expressed his enthusiasm about the listing of Stylers International, a part of the US Group, on the stock exchange. He emphasized that being part of the public markets is a significant milestone in a company’s lifecycle, fostering sustainable and exponential growth. Khan congratulated Stylers International on this progressive development and expressed anticipation for the listing of other group companies on the PSX.

Mr. Hafiz Mustanser Ahmed, CEO of Stylers International, expressed gratitude to the regulatory authorities, the PSX team, and all stakeholders involved in the successful listing process. He highlighted Stylers International's impressive annual production capacity of 9 million denim apparel pieces, underscoring the company's prominent position in the textile industry.

Furthermore, Ahmed introduced Project Sunshine, a state-of-the-art facility located on Raiwind Chunian Road in Lahore. This facility, which has achieved the prestigious LEED Platinum certification, represents a significant investment of 30 million USD. Spanning over 0.5 million square feet of civil construction area and 35 acres of land, Project Sunshine is expected to become fully operational in the second half of 2024. This development is a key component of Stylers International of US Group’s expansion strategy.