Interloop Limited (PSX: ILP) has announced the acquisition of a 64 percent stake in US firm Top Circle Hosiery Mills.
“We are pleased to convey that Interloop Limited (ILP) has successfully completed the Proposed Acquisition of 64% equity stake in the Target Company i.e., Top Circle Hosiery Mills Co., Inc. (Top Circle), USA, which is incorporated under the laws of United States of America, where it is registered,” the stock filing stated.
“Top Circle has a hosiery manufacturing subsidiary in China as well. The Proposed Acquisition has been made after the execution of definitive transaction agreement(s) and securing all applicable corporate and regulatory approvals,” it added.
With the completion of this acquisition, Top Circle will now operate as a subsidiary of ILP, with the textile maker owning 64 percent of Top Circle. This strategic move represents a significant milestone in our ongoing efforts to enhance shareholders’ value and strengthen ILP’s position in the global market and ultimately contribute to its long-term sustainability.
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.
