Interloop to advance 6th Hosiery Plant in 2023-24

February 3, 2022 (MLN): The board of directors of Interloop (ILP) has agreed to advance the 6th Hosiery Plant in 2023-24 instead of 2024-25 in the wake of growing demand, the company filing on PSX showed on Thursday.

The board also advised the management of the company to work out possibilities of arranging new capital by either bringing in foreign investors or further issuance of shares through the right issue.

The aforestated proposal was presented by the Chief Executive Officer (CEO) who informed the board of directors of the company that Hosiery Plant 5 has recently started its production and now operating at full capacity.

Despite the addition of plant 5, the company is unable to meet the order requirement of customers, he informed.

He further elaborated that as per the company's vision 2025, it was planned to set up 6 Hosiery Plant during the financial year 2024-25 but keeping in view increased demand, Management of the Company wants to advance Plant 6 in 2023-24.

The company is going to start civil work of Apparel Project, capital outlay of which is $100,0 Million for which the Company has arranged LTTF of Rs5,000 million and remaining will be financed by company's internal cash generation, he added.

He was of the view that advancing Hosiery Plant 6 will boost the company's profitability which will be helpful for setting up other projects as per Vision 2025.

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