Crescent Fibres approves Rs1.25bn sale of Nooriabad industrial property

Crescent Fibres Limited (CFL) has approved selling its Nooriabad industrial property for Rs1.25 billion, accepting the highest offer from Alkaram Spinning Mills (Private) Limited. The property comprises about 14 acres of leasehold land and buildings covering 233,270 square feet at Nooriabad S.I.T.E. in Jamshoro, Sindh. Profit by Pakistan Today reported the board’s approval in a disclosure to the Pakistan Stock Exchange on November 12.

Shareholders approved the proposed disposal at an extraordinary general meeting on November 10, following a recommendation from the company’s audit committee. The sale is not yet complete: it depends on signing a formal agreement, receiving payment, transferring the property and securing no-objection certificates from financial institutions. The disclosure gives no expected completion date. The property is associated with CFL’s Spinning Unit-1, and the company manufactures and sells yarn.