The Annual General Meeting 2019 of Interloop Limited was held on Monday, October 14 at Serena Hotel, Faisalabad. Musadaq Zulqarnain, Chairman Board of Directors, Interloop Limited presided over the meeting while Navid Fazil, CEO; Muhammad Maqsood, Executive Director & Group CFO; Jahan Zeb Khan Banth & Mrs. Shereen Aftab, Non- executive Directors and Mr. Tariq Iqbal Khan & Mr. Saeed Ahmad Jabal, Independent Directors, on the Board of Interloop Limited were also present.
The Chairman welcomed the shareholders of the company and expressed his gratitude for their confidence in Interloop Limited. Six resolutions were taken up by the shareholders which were all unanimously passed by the shareholders.
During the Question and Answer session the CEO updated the shareholders about the progress of Hosiery Plant 5 being set up at Faisalabad with planned installed capacity of 1280 knitting machines. He also apprised them about the construction of LEED Platinum certified Denim Apparel manufacturing Plant at Lahore, going into operations by Q3 2019 with planned output exceeding 1 million garments per month, to be enhanced to 1.2 million garments by 2021. The Denim Plant is going to be one its kind facility in this part of the world owing to management’s Sustianbility focus.
In his closing remarks, the Chairman highlighted Interloop Limited’s bold step of going for IPO, the only one thus far in 2019, despite difficult market conditions. He told the shareholders that Interloop’s IPO was the largest private sector IPO in Pakistan’s history and Interloop is currently the Largest Listed Textile Company on PSX by market capitalization. He underscored the fact that the objective of going for IPO was not to just raise money but to share Interloop’s success with people. He admired the hard work of the people working at Interloop, pledged to continue working diligently, with ethics and integrity, thanked the shareholders for having confidence in the company and looked forward to their prayers for the company.
