We advised Stylers Int’l Limited (STYLERS) on its rights offering
ABS & Co advised Stylers in connection with its rights offer on the Pakistan Stock Exchange (PSX) through which a sum in excess of PKR 2 billion was raised by the company. The offering consisted of 53,540,353 right shares at an exercise price of PKR 43.50 per share. Meezan Bank and Topline Securities acted as the underwriters to the issue.
The purpose of the right issue was to raise funds to enhance the company’s production capacity by 40,000 garment units per day. In particular, the rights offer will be used to fund the repayment of the financing obtained for the company’s expansion plans which includes the installation of a solar power generation project.
Stylers International Limited got listed on the exchange pursuant to the Scheme of Arrangement for merger/ amalgamation of AEL Textiles Limited (AEL). It was incorporated in Pakistan as a private limited company under the repealed Companies Ordiance, 1984 (now Companies Act, 2017) on 27 Nov, 1991 and was converted into public limited company from 21 May, 2021. The company is principally engaged in carrying out manufacturing, marketing and export of ready-made garments and is part of the US Group which is one of Pakistan’s top exporters in textile.
ABS & Co’s team was consisted of Bakhtawar Bilal Soofi, Zain Kashif and Saif Muazzam from the Lahore office.