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.

Karachi, The Pakistan Stock Exchange (PSX) has issued a notice regarding the non-compliance of its Regulation 5.11.1.(e) by four listed companies, emphasizing the need for these firms to rectify their regulatory breaches by January 29, 2024. The companies in question are Bilal Fibres Limited (BILF), Trust Investment Bank Limited (TRIBL), Hira Textile Mills Limited (HIRAT), and Huffaz Seamless Pipe Industries Limited (HSPI).

Bilal Fibres Limited, trading under the symbol BILF, has been identified for non-compliance under sections (b)(e)(i) of PSX Regulation 5.11.1. Similarly, Trust Investment Bank Limited, symbolized as TRIBL, has failed to comply with sections (c)(d)(e)(j)(l) of the same regulation. Hira Textile Mills Limited (HIRAT) and Huffaz Seamless Pipe Industries Limited (HSPI), trading under HIRAT and HSPI respectively, have also been reported for non-compliance under sections (c)(d)(e) of the regulation. The primary issue concerns the failure to pay the Annual Listing Fee (ALF) and the SECP supervisory fee for two consecutive years.

The PSX has provided these companies with a deadline of January 29, 2024, to address and rectify the specified non-compliances. In the event of failure to meet this deadline, Bilal Fibres Limited and Hira Textile Mills Limited face the possibility of suspension of trading in their shares under the PSX Regulations. This action is in line with PSX Notice No. PSX/N-50 dated January 15, 2024, outlining the compliance requirements.

Furthermore, Trust Investment Bank Limited and Huffaz Seamless Pipe Industries Limited, whose trading shares are already suspended, will face additional actions under relevant provisions of PSX Regulation 5.11.2 if they fail to comply within the given timeframe.

It is also noted that should the companies manage to rectify the non-compliance within the stipulated deadline, they will continue to be listed in the Defaulters' Segment as per the defaults mentioned against them, and subsequent actions will be enforced as required by the regulations.