Lahore: Crescent Fibres Limited has announced an Extraordinary General Meeting (EOGM) scheduled for November 10, 2026, at 9:30 a.m. to discuss the proposed sale of its leasehold land and buildings located in Nooriabad S.I.T.E., District Jamshoro, Sindh. The meeting will be held at the company's registered office at 104-Shadman-1, Lahore.

The company plans to present a special resolution to its shareholders for the approval of the sale of the land, which spans 14 acres, along with the buildings covering 233,270 square feet. This transaction is subject to obtaining no-objection certificates from financial institutions holding any charge over the property, as stipulated under Section 183(3)(a) of the Companies Act, 2017.

The resolution, if passed, will authorize the company's management, specifically Mr. Imran Maqbool, Chief Executive Officer, and Mr. Humayun Maqbool, Director, to oversee the sale process. They have been empowered to negotiate terms, secure market prices, and finalize the sale agreements. This includes negotiating the release of any financial liens and executing necessary documentation to complete the sale.

The proceeds from the sale are designated for several purposes. They will be used to repay the company's outstanding financial debts, fund capital expenditure for modernization and solar installation at Spinning Unit-2, and any remaining balance will be allocated to the company's working capital needs.

According to information available from the Pakistan Stock Exchange (PSX), Crescent Fibres Limited is actively aligning its strategic financial initiatives with its operational goals, emphasizing modernization and sustainability.

The company has detailed the material facts related to this special business in compliance with Section 134(3) of the Companies Act and SRO 423 (1)/2018, ensuring that shareholders are fully informed ahead of the EOGM.