Karachi: Shareholders of Crescent Fibres Limited convened for an extraordinary general meeting on November 10, 2026, where they passed significant resolutions concerning the company's assets. The meeting, which was conducted in compliance with the Pakistan Stock Exchange Rules, resulted in approvals pivotal to the company's strategic plans.
According to the resolution passed, Crescent Fibres Limited received the shareholders' approval under Section 183(3)(a) of the Companies Act, 2017. This approval pertains to the disposal of a leasehold land measuring 14 acres, along with associated buildings covering 233,270 square feet, located at Plot No. B/123, Nooriabad SITE, District Jamshoro, Sindh. The transaction is contingent upon receiving no-objection certificates from the lenders or financial institutions with registered charges over the said properties.
The shareholders further resolved to empower the company to proceed with the sale of the specified land and buildings. Mr. Imran Maqbool, Chief Executive Officer, and Mr. Humayun Maqbool, Director, were authorized to act on behalf of the company. Their mandate includes conducting negotiations, securing the best market price, entering agreements, and completing necessary documentation for the sale.
According to information available from the Pakistan Stock Exchange (PSX), the proceeds from this sale are earmarked for several strategic financial maneuvers. These include repayment of the company's outstanding financial liabilities, investment in capital expenditure for balancing, modernization, and replacement (BMR), as well as solar installations at Spinning Unit-2. Any remaining funds will be allocated towards the company's working capital needs.
The resolutions and subsequent actions are detailed in the statement of material facts, as required under Section 134(3) of the Companies Act, and adhere to the stipulations of SRO 423 (1)/2018. This move reflects Crescent Fibres Limited's ongoing commitment to optimizing asset utilization and enhancing financial stability.