Crescent Fibres shareholders approve sale of Nooriabad spinning unit assets

Shareholders of Crescent Fibres Limited have approved the sale and disposal of the entire plant, machinery, equipment, stores and ancillary assets of the company's Spinning Unit-I located in Nooriabad, S.I.T.E. District Jamshoro, Sindh.

According to a resolution adopted at the company's Extraordinary General Meeting (EOGM) held on June 2, 2026, the disposal was approved under Section 183(3)(a) of the Companies Act, 2017 and has become effective.

The company informed the Pakistan Stock Exchange (PSX) that the transaction remains subject to obtaining no-objection certificates from lenders and financial institutions that currently hold liens or charges over the assets.

As part of the resolution, shareholders authorised Crescent Fibres to proceed with the sale and empowered Chief Executive Officer Imran Maqbool and Director Humayun Maqbool to manage and execute the transaction on behalf of the company.

The authorised officials have been granted authority to negotiate with prospective buyers through advertised tenders, sealed bidding processes or direct negotiations, with the objective of securing the best available market price for the assets.

The resolution also allows management to engage lenders and financial institutions to secure the release of any existing charges on the assets and to execute all sale agreements, conveyance documents, indemnities and related legal instruments required to complete the transaction.

According to the approved plan, proceeds from the disposal will first be used to repay the company's outstanding financial liabilities.

The company also intends to utilise part of the funds for balancing, modernisation and replacement (BMR) initiatives and the installation of solar power facilities at Spinning Unit-II.

Any remaining proceeds after debt servicing and capital expenditure will be allocated towards working capital requirements.

The company further authorised its management to undertake all necessary legal, financial and administrative actions required to implement and complete the sale process.