Crescent Fibres approves Rs1.25 billion Nooriabad property sale to Alkaram Spinning Mills

Crescent Fibres Limited has approved Alkaram Spinning Mills (Private) Limited’s Rs1.25 billion bid for its leasehold property in Nooriabad, Sindh. Worth approximately $4.51 million, the proposed sale includes about 14 acres of land and the buildings on it.

In a notice to the Pakistan Stock Exchange on Thursday, Crescent Fibres said its board of directors had accepted the highest offer, submitted by Alkaram Spinning Mills. The property is at Plot No. B/123 in Nooriabad S.I.T.E., District Jamshoro, and its buildings cover 233,270 square feet.

Shareholders had authorised the proposed disposal at an extraordinary general meeting on November 10, 2026, under Section 183(3)(a) of the Companies Act, 2017. The company’s audit committee also recommended the sale.

The approval does not complete the transaction. A sale agreement must still be signed, the purchase price received and transfer procedures completed with the relevant authorities. No-objection certificates from financial institutions are also required before the deal can be concluded.

Crescent Fibres, also known as CFL, manufactures and sells yarn. It was incorporated in Pakistan in 1977 as a public limited company.

As of June 30, 2025, the local general public was CFL’s largest shareholder group, holding 48.45% of its shares. Directors and the chief executive, together with their spouses and minor children, collectively owned another 36.98%.

Meanwhile, Alkaram Textile Mills (Pvt) Limited is among Pakistan’s largest vertically integrated textile businesses. Exports account for 80% of its sales, while the domestic market contributes 20%. Online sales generate approximately 14–15% of its domestic sales revenue, a share the company plans to raise to 20%.