CFL approves sale of spinning unit-1 machinery in Jamshoro

MG News | February 27, 2026 at 12:53 PM GMT+05:00

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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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