Crescent Fibres clears Spinning Unit-1 asset sale

MG News | June 02, 2026 at 01:53 PM GMT+05:00

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June 02, 2026 (MLN): Shareholders of Crescent Fibres Limited approved the sale and disposal of plant, machinery, equipment and related assets of its Spinning Unit-1 located in Nooriabad, Jamshoro during an extraordinary general meeting held on June 2, 2026.

The company was authorized to proceed with the transaction and delegate execution powers for completion of the sale process.

Proceeds from the disposal will be used to repay outstanding financial obligations, fund balancing, modernization and replacement activities, support solar installation at Spinning Unit-2, and any remaining amount, if available, will be allocated toward working capital.

The aforementioned information was disseminated through a notification to Exchange.

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