Crescent Fibres gains approval for major asset sale

MG News | March 11, 2024 at 12:31 PM GMT+05:00

0:00

March 11, 2024 (MLN): The shareholders of Crescent Fibres Limited (PSX: CFL) have granted approval for the disposal of freehold land and buildings at Faisalabad, the latest notice issued by the company on the Pakistan Stock Exchange (PSX) showed on Monday.

The company plans to dispose of a freehold land parcel measuring 415 Kanals 11 Marlas, along with buildings covering 278,651 square feet, located at Chak No.202 RB, Nishatabad in Faisalabad.

This decision is contingent on clearance from lenders and financial institutions.

The proceeds generated through sale of land will in part be used to pay to lenders and settle certain liabilities of the company to reduce the finance cost.

The remaining proceeds will be applied towards capital expenditures that will include upgrading machinery and moving towards cheaper and more efficient energy sources to reduce the fuel cost.

While the remaining proceeds will be invested or applied towards business and capital markets opportunities.

Generally performing and executing in respect of the land all lawful deeds, agreements, acts and things as they may think fit and proper in order to implement and complete the sale of above land.

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