Interloop threads global expansion, acquiring Top Circle Hosiery Mills

MG News | September 08, 2023 at 10:00 AM GMT+05:00

0:00

September 08, 2023 (MLN): Interloop Limited (PSX: ILP) is all set to bolster its presence on the international stage through the acquisition of a controlling interest in Top Circle Hosiery Mills Co., Inc. USA.

The Board of Directors at Interloop Limited on Thursday granted approval for this strategic move, which includes a subsequent Business Model Revamp (BMR) at the manufacturing plant.

For this purpose, the company will enter into a Share Purchase Agreement, Share Holders Agreements and other ancillary and incidental arrangements.

The board has also approved to increase of the authorized capital of the company from Rs15 billion to Rs50bn.

Interloop is a vertically integrated multi-category Full Family Clothing Company, manufacturing Hosiery, Denim, Knitted Apparel and Seamless Activewear, for top international brands and retailers, besides producing Yarns for a range of textile customers.

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