Pakistan’s Crescent Fibres approves $4.5mn sale of Nooriabad property to Alkaram Spinning Mills

Crescent Fibres Limited’s board has accepted Alkaram Spinning Mills’ bid of Rs1.25 billion, about $4.51 million, for its Nooriabad property, Business Recorder reported. The roughly 14-acre leasehold site in Sindh includes buildings covering 233,270 square feet. The company informed the Pakistan Stock Exchange of the approval on Thursday.

Crescent Fibres shareholders had endorsed the planned disposal at an extraordinary general meeting on November 10, 2026, following a recommendation from the audit committee. Completion still depends on signing the sale agreement, payment of the price, transfer procedures and clearances from financial institutions. The transaction concerns an asset of the yarn manufacturer, while Alkaram’s bid is the highest received by Crescent Fibres.