KARACHI: Feroze 1888 Mills Limited hold EOGM on April 15, 2021, to seeks approval from shareholders regarding its plan to invest in a foreign subsidiary, Feroze 1888 million said in a notice sent to Pakistan Stock Exchange.
Feroze 1888 is one of the leading manufacturer and exporter of specialised yarn and terry products in Pakistan and across the world. Pakistan’s Feroze 1888 Limited plans to invest $5 million (Rs790.2 million) as an equity investment in 1888 Mills LLC, an associated company in the United States of America. This was said in a statement to the Pakistan Stock Exchange (PSX) by Feroze 1888 Ltd.
The company’s board had recommended calling in an extraordinary general meeting for the shareholders’ approval for such equity investment in its earlier notice.
Feroze 1888 is one of the leading manufacturers and exporter of specialised yarn and terry products in Pakistan and worldwide. The company was incorporated in the 1970s. Being partnered with 1888 Mills (USA), the company is known as a progressive and global manufacturer of quality textiles for home, hospitality and healthcare.
Feroze 1888 Limited plans to make an equity investment in 1888 Mills’ Griffin facility. The facility is considered to be among the last remaining towel manufacturing plants in the USA. A group of textile veterans started this facility with the goal of making USA production a part of their global strategy.