Interloop Limited (ILP), a big textile exporter in Pakistan, has bought 64% of Top Circle Hosiery Mills Co., Inc., USA. They told the Pakistan Stock Exchange about this on Friday. The Board of Directors of Interloop allowed the company to buy the US company in September. Top Circle also has a hosiery manufacturing business in China. With this acquisition, Top Circle will now be a part of ILP, with ILP owning 64% of it.
ILP started in 1992 in Faisalabad with 10 knitting machines. Now, it has grown and has spinning, yarn dyeing, knitting, and finishing facilities. It is one of the biggest exporters in Pakistan and one of the largest companies listed on the Pakistan Stock Exchange.
In the first quarter of FY24, ILP made a gross profit of Rs12.75 billion from sales of Rs38.5 billion. This is a big increase from the same period last year, with a rise of 26% in gross profit and 26.4% in sales.
The news report containing this information can be found at the following link: https://www.brecorder.com/news/card/40261976
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