Pakistan’s Crescent Fibres approves $4.5mn sale of Nooriabad property to Alkaram Spinning Mills
Crescent Fibres Limited has approved the sale of its approximately 14-acre leasehold property in Nooriabad, Sindh, to Alkaram Spinning Mills (Private) Limited for Rs1.25 billion, approximately $4.51 million. Crescent Fibres disclosed the development in a notice to the Pakistan Stock Exchange on Thursday. “The Board of Directors of Crescent Fibres Limited has approved and accepted the highest bid…
Crescent Fibres Limited's Board of Directors has approved the sale of a 14-acre property in Nooriabad, Sindh, to Alkaram Spinning Mills (Private) Limited, valued at approximately $4.51 million. The transaction was approved following an extraordinary general meeting held on November 10, 2026, as per Section 183(3)(a) of the Companies Act, 2017.
The sale also received the recommendation of the company's audit committee. However, the deal is contingent upon the execution of the sale agreement, receipt of funds, completion of transfer formalities, and obtaining necessary NoObjection Certificates (NOCs) from financial institutions. Established in 1977, Crescent Fibres Limited manufactures and sells yarn, with the majority of its shares held by the local general public (48.45%).
Alkaram Textile Mills (Pvt) Limited, the buyer, is one of Pakistan's largest vertically integrated textile companies, with 80% of its sales being exports and 20% domestic.
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