Faisalabad February 3 2022: The Chief Executive Officer informed the Board of Directors of the Company that Hosiery Plant 5 has recently started
its production and now operating at full capacity. Despite addition of plant 5, the Company is unable to meet the order requirement of customers.
He further elaborated that as per Company’s Vision 2025, it was planned to set up 6th Hosiery Plant during financial year 2024-25 but keeping in view increased demand, Management of the Company wants to advance Plant 6 in 2023-24. He further clarified that the Company is going to start civil work of Apparel Project, capital outlay of which is USD 100.0 Million for which the Company has arranged LTTF of PKR 5,000.0 Million and remaining will be financed by Company’s internal cash generation.
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He added that by advancing Hosiery Plant 6, the Company’s profitability will increase substantially which will be helpful for setting up other projects as per Vision 2025.
The Board appreciated the performance of the Company and continuous efforts of the Management. The Board also agreed with the proposal to advance the 6th Hosiery Plant and 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 right issue.
