In a notification sent to the PSX on 01/12/2023, Interloop Limited(ILP) announced that it has successfully completed the proposed acquisition of a proportion of 64% equity stake in the company named Top Circle Hosiery Mills Co. Top Circle has a manufacturing subsidiary in China as well.
After securing regulatory and corporate approvals and executing several transaction agreements the recent acquisition came into effect. The company is registered and governed under the laws of the US. Top Circle will now operate as a subsidiary of ILP
The shares of ILP were trading at RS.72.09 during trading hours today. The marketcap of ILP currently stands at Rs. 101 billion.
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Does the Acquisition warrant investing in ILP or is it more of a routine work for the company?
ILP is a great company and a good investment. But investment decisions shouldn't be taken based on acquisition announcements.