KARACHI: Textile maker Interloop Ltd said on Friday it had completed the acquisition of a 64 per cent equity stake in the US-registered Top Circle Hosiery Mills Company Inc.
Top Circle has a hosiery manufacturing subsidiary in China, the Pakistani textile maker said in a regulatory filing, adding that the acquisition follows all applicable corporate and regulatory approvals.
Going forward, Top Circle will operate as a subsidiary of Interloop Ltd, with the Pakistani company owning nearly two-thirds of the US-registered entity. “This strategic move represents a significant milestone in our ongoing efforts to enhance shareholders’ value and strengthen our position in the global market and ultimately contribute to the long-term sustainability of our company,” it said.
Top Circle Hosiery Mills Company Inc was founded by Jerry Zhao and Leon Song in 1992 in Long Island City, New York. It now operates out of a new 26,000 square-feet location in Weissport, Pennsylvania.
The American company has set up manufacturing operations in Pinghu, China, and partnered with associated factories in Cambodia, Egypt and Pakistan.
Interloop Ltd posted a net profit of Rs6 billion in July-September, up 21.8pc from a year ago.
Published in Dawn, December 2nd, 2023
