Crescent Fibres approves Rs1bn sale of Nooriabad property

November 12, 2026 (MLN): Crescent Fibres Limited (PSX: CFL) has approved the sale of its approximately 14-acre leasehold land and buildings located at Nooriabad, District Jamshoro, to Alkaram Spinning Mills (Private) Limited for Rs1.25 billion.

The company’s Board of Directors approved and accepted the highest bid received from Alkaram Spinning Mills for the disposal of the property situated at Plot No. B/123, Nooriabad S.I.T.E., comprising approximately 14 acres of land and buildings measuring 233,270 square feet.

Shareholders had already approved the sale at the company’s Extraordinary General Meeting held on November 10, 2026.

The sale was recommended by the Audit Committee and remains subject to execution of the sale agreement, receipt of the sale consideration, completion of transfer formalities with relevant authorities and receipt of no-objection certificates (NOCs) from financial institutions.

The aforementioned information was disseminated through a notification to Exchange.

Copyright Mettis Link News