Interloop acquires 64% stake in Top Circle Hosiery Mills Co., USA

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MG News | December 01, 2023 at 09:42 AM GMT+05:00

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December 01, 2023 (MLN): Interloop Limited (ILP) has completed the proposed acquisition of a 64% equity stake in the Target Company i.e., Top Circle Hosiery Mills Co, USA, the company's filing on PSX revealed today. 

Top Circle is incorporated under the laws of the United States of America, where it is registered and has a hosiery manufacturing subsidiary in China as well.

The proposed acquisition has been made after the execution of a definitive transaction agreement and securing all applicable corporate and regulatory approvals.

With the completion of this acquisition, Top Circle will now operate as a subsidiary of ILP, with ILP owning 64% of Top Circle.

This strategic move represents a significant milestone in our ongoing efforts to enhance shareholders' value strengthen the position in the global market and ultimately contribute to the long-term sustainability of the company.

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