Karachi: 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 today.
The company’s board has recommended calling in an extraordinary general meeting for the approval of the shareholders for such equity investment, the statement further added.
Feroze 1888 is one of the leading manufacturer and exporter of specialized yarn and terry products not only in Pakistan but across the globe. 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. This facility was started by a group of textile veterans with a goal of making USA production a part of their global strategy.
