Crescent Cotton accepts Rs550m offer for spinning unit

MG News | October 02, 2024 at 11:22 AM GMT+05:00

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October 02, 2024 (MLN): Following shareholder approval on June 3, Crescent Cotton Mills Limited (PSX: CCM) has successfully negotiated the sale of its spinning unit to a potential buyer.

The buyer's offer to purchase the entire assets of the company's spinning unit, located at 46 Km on Lahore Multan Road, Chak # 66, Dina Nath, Tehsil Pattoki, District Kasur, for a total consideration of Rs550 million, has been accepted.

In order to execute the transaction the Assets Sale and Purchase Agreement between the Seller and Buyer has been duly signed.

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