Crescent Fibres Board clears sale of obsolete Spinning Unit-1 assets

Crescent Fibres Limited (PSX:CFL) has signed off on the disposal of several components from its Spinning Unit-1 plant in Nooriabad, Jamshoro district, with a ceiling of Rs241.5mn. According to Mettis Global, the board accepted the top offers submitted by different bidders during a meeting on 28 September 2026.

The approval rests on the plant and machinery being old and obsolete, a step the Audit Committee had recommended. Covered assets include parts of the machinery, stores and ancillary items. The notice does not name the successful bidders.

The company informed the Exchange through a formal announcement, citing provisions 96 and 131 of the Securities Act, 2015 and clause 5.6.1 of the exchange's rulebook. The Rs241.5mn figure is a maximum, and the notice does not state final proceeds.