CFL approves sale of spinning unit-1 machinery in Jamshoro
MG News | February 27, 2026 at 12:53 PM GMT+05:00
February 27, 2026 (MLN): Crescent Fibres Limited's (PSX:CFL)
Board of Directors has resolved to approve the sale of the entire machinery and
equipment of Spinning Unit-1 at Nooriabad, District Jamshoro.
The decision was taken during a board meeting held on
February 27, 2026.
The sale has been necessitated as the unit has become
financially unviable due to its old and obsolete plant, and its operations have
been suspended.
The transaction is subject to receipt of No Objection
Certificates from financial institutions and approval from shareholders at an
Extraordinary General Meeting.
The company will seek formal shareholder consent before
proceeding with the asset disposal.
The aforementioned information was disseminated through a
notification to Exchange.
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