Hala Enterprises Limited (HAEL) has opened a $217,600 Letter of Credit (LC) to import new Air Jet Terry Towel weaving machines from China, a strategic move expected to increase the company’s weaving production capacity by approximately 75%.
In a notice to the Pakistan Stock Exchange (PSX) released on Wednesday, HAEL confirmed that the machines will be procured from Shandong Rifa Textile Machinery Co., Ltd., China. The import will be complemented by the installation of an air conditioning plant and a new weaving shed powered by a centralized compressor room.
The company stated that this acquisition would significantly enhance its production capabilities. HAEL has arranged the required funds for the LC through internal resources, avoiding external financing and related borrowing costs. The arrangement was made by one of the company’s directors in a personal capacity, providing financial support for the timely import and installation of the machinery.
This approach allows HAEL to expand without incurring additional liabilities or financial charges, ensuring its operations remain unaffected. The repayment of this internal arrangement will be handled according to mutually agreed terms.
Founded in 1974 and incorporated as a public limited company, HAEL specializes in manufacturing and selling terry towels, kitchen towels, and terry cloth.
Discover more from Brackly News
Subscribe to get the latest posts sent to your email.
