The company notified the stock exchange of Pakistan on Friday that Interloop Limited (PSX:
ILP) had chosen to purchase a majority stake in Top Circle Hosiery Mills.
In response to the shares submission, the Board of Directors of ILP approved a long-term equity investment to purchase a large stake in the US-based business and then BMR in the place of production. Furthermore, the Board of Directors of ILP approved the entry into Share Purchase Agreements, shareholders Agreements, and various ancillary and related agreements for these objectives.
subsidiary of its Associate, Socks & Socks Pvt. Limited.
The Board of Directors (BoD) decided to update the Memorandum of Association (MOA) of the Company and boost the Authorized Share Capital of ILP from Rs. 15 billion split into 1.5 billion common shares of 10 rupees each to Rs. 50 billion split into 5 billion Normal Shares of Rs. ILP has also provided permission for possible business interactions with related parties that could take place in the financial year that finishes on June 30, 2024, and also for the Board of Directors to take part in such Relevant Party business at its own discretion, regardless of the makeup of the Board of Directors.
The Company further addressed to authorize the short-term Bonus Shares previously issued and deposited for the year ended 30 June 2023 in the amount of fifty shares of stock for every hundred shares maintained or 50%.
Interloop serves as a vertically connected multicategory of total Family Clothing companies that manufacture Yarns with a wide range of textile customers including Hosiery, Denim, Knitted Apparel, and Seamless Activewear for top global brands and stores.