Crescent Fibres Approves Rs1.25 Billion Sale of Nooriabad Land and Buildings

Crescent Fibres Limited has approved the sale of its leasehold land and buildings located in Nooriabad, District Jamshoro, for a total consideration of Rs1.25 billion, following the acceptance of the highest bid submitted by Alkaram Spinning Mills (Private) Limited.

In a material disclosure submitted to the Pakistan Stock Exchange (PSX) on November 12, 2026, the company stated that its Board of Directors had approved and accepted the offer for the disposal of approximately 14 acres of leasehold land, along with buildings constructed on the property.

The property, situated at Plot No. B/123, Nooriabad S.I.T.E., District Jamshoro, includes buildings covering approximately 233,270 square feet. The transaction has been agreed at Rs1.25 billion (Rs1,250 million).

According to the disclosure, shareholders of Crescent Fibres had already approved the proposed sale during the company’s Extraordinary General Meeting held on November 10, 2026. The approval was granted in accordance with Section 183(3)(a) of the Companies Act, 2017.

The proposed transaction was also recommended by the company’s Audit Committee. However, completion of the sale remains subject to the execution of the sale agreement, receipt of the agreed consideration and completion of the necessary transfer formalities with relevant authorities. The company will also need to obtain the required no-objection certificates (NOCs) from financial institutions.

The disposal represents a significant corporate development for Crescent Fibres as the company moves forward with the sale of one of its major property holdings. The transaction will be completed once all regulatory, financial and legal requirements have been fulfilled.

Crescent Fibres made the disclosure in compliance with the Securities Act, 2015, and the applicable Pakistan Stock Exchange regulations, requesting that the information be disseminated to market participants and certificate holders.