Crescent Fibres Approves Sale of Spinning Unit-I Assets

Shareholders of Crescent Fibres Limited have formally approved the sale and disposal of all plant, machinery, equipment, stores, and related assets comprising the company’s Spinning Unit-I situated in Nooriabad, S.I.T.E. District Jamshoro, Sindh.

According to a resolution passed during the company’s Extraordinary General Meeting (EOGM) held on June 2, 2026, the transaction received shareholder approval under Section 183(3)(a) of the Companies Act, 2017 and has become effective, subject to completion of applicable regulatory and financing requirements.

In a notification submitted to the Pakistan Stock Exchange, the company stated that completion of the disposal remains contingent upon obtaining no-objection certificates from lenders and financial institutions holding existing liens, charges, or security interests over the assets.

Under the approved resolution, shareholders authorised the company to proceed with the transaction and delegated authority to Chief Executive Officer Imran Maqbool and Director Humayun Maqbool to negotiate, manage, and execute all aspects of the disposal process on behalf of the company.

The authorised representatives have been empowered to engage prospective purchasers through public tenders, sealed bidding procedures, or direct negotiations with the objective of securing the most favourable market value for the assets.

The resolution further authorises management to coordinate with lenders and financial institutions for the release of existing encumbrances and to execute all necessary sale agreements, transfer deeds, indemnities, conveyance documents, and related legal instruments required to finalise the transaction.

According to the approved utilisation plan, proceeds generated from the disposal will primarily be applied toward settlement of the company’s outstanding financial obligations and debt liabilities.

The company also intends to allocate a portion of the proceeds toward balancing, modernisation, and replacement (BMR) initiatives, as well as the installation of solar power infrastructure at Spinning Unit-II.

Any remaining funds after debt repayment and planned capital expenditures will be utilised to support the company’s working capital requirements.

The resolution additionally authorises management to undertake all legal, financial, administrative, and operational measures necessary to implement and complete the disposal process.