Crescent Fibres Board clears sale of obsolete Spinning Unit-1 assets
MG News | September 28, 2026 at 12:10 PM GMT+05:00
September 28, 2026 (MLN): Crescent Fibres Limited (PSX:CFL) has approved
the sale of portions of the plant, machinery, equipment, stores and ancillaries
of its Spinning Unit-1 at Nooriabad, S.I.T.E., District Jamshoro, for up to
Rs241.5mn.
The company's Board of Directors cleared the highest
bids received from various parties at a meeting held on September 28, 2026.
The sale was approved in view of the old and obsolete
nature of the plant and machinery, as recommended by the Audit Committee.
The disclosure was made under Sections 96 and 131 of the Securities Act, 2015 and Clause 5.6.1 of the PSX Rule Book.
The aforementioned information was disseminated through
a notification to Exchange.
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