Karachi: Crescent Fibres Limited has announced the approval and acceptance of the highest bid from M/s. Alkaram Spinning Mills (Private) Limited for the sale of its leasehold land and buildings located in Nooriabad, S.I.T.E., District Jamshoro. The Board of Directors of Crescent Fibres Limited has agreed to the transaction, which involves approximately 14 acres of land and buildings with a total area of 233,270 square feet. The aggregate sale consideration for this transaction is PKR 1.25 billion.

The decision was ratified by the shareholders during the Extra Ordinary General Meeting held on November 10, 2026. The sale aligns with the company's strategy as outlined under the applicable provision section 183(3)(a) of the Companies Act, 2017. According to information available from the Pakistan Stock Exchange (PSX), this transaction represents a significant move for Crescent Fibres Limited, as it involves a substantial amount of capital.

The Audit Committee has recommended the sale, which remains subject to the execution of the sale agreement, receipt of the sale consideration, completion of transfer formalities with relevant authorities, and obtaining the necessary no-objection certificates from financial institutions. This disclosure has been made to comply with statutory and regulatory requirements, ensuring transparency in the company's operations.

Crescent Fibres Limited's decision reflects its ongoing commitment to optimizing its asset portfolio in the designated market category. The completion of this transaction will mark a significant development for the company as it navigates its strategic objectives.