Crescent Steel to discontinue cotton segment as part of strategic shift
- Decision taken after a detailed review of the segment’s performance and its alignment with the Company’s long-term objectives
Crescent Steel and Allied Products Limited (CSAP) announced on Wednesday the discontinuation of its cotton segment as part of a broader strategic realignment.
This was disclosed in a notice to the Pakistan Stock Exchange (PSX) today.
“The cotton segment will cease to be part of the company’s continuing operations and it will be presented as a discontinued operation for reporting purposes.
This decision has been taken after a detailed review of the segment’s performance and its alignment with the Company’s long-term objectives,” the company shared.
The listed company said that the decision was taken during the Board of Directors’ meeting held on February 4 (today).
CSAP was incorporated in Pakistan as a public limited company in 1983.
The company operates in five diverse segments - steel, cotton, Investment & Infrastructure Development (IID), Energy, and Hadeed (Billet) segment.