Crescent Fibres approves Rs1.25bn sale of Nooriabad property
Crescent Fibres sale of Nooriabad property to Alkaram Spinning Mills, worth Rs1.25 billion, has board and shareholder approval but is still subject to conditions.
Crescent Fibres Limited's board accepted the highest bid from Alkaram Spinning Mills (Private) Limited for its Nooriabad property.
The land is about 14 acres of leasehold property, with buildings of 233,270 square feet, at Plot No. B/123 in Jamshoro district, Sindh.
The price is Rs1.25 billion, about $4.51 million.
Shareholders approved the disposal at an extraordinary general meeting on November 10, 2026, and the audit committee recommended it.
The sale still needs a signed sale agreement, full payment, transfer formalities and NOCs from financial institutions.