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 received from Alkaram Spinning Mills (Private) Limited for the disposal/sale of the company’s leasehold land measuring approximately 14 acres, together with buildings constructed thereon measuring 233,270 square feet, situated at Plot No. B/123, Nooriabad S.I.T.E., District Jamshoro, for an aggregate sale consideration of Rs1.25 billion,” read the notice.

Shareholders had already approved the proposed disposal at an extraordinary general meeting held on November 10, 2026, in accordance with Section 183(3)(a) of the Companies Act, 2017.

The sale was also recommended by the company’s audit committee.

However, the transaction is subject to execution of the sale agreement, receipt of the sale consideration, completion of transfer formalities with the relevant authorities and receipt of NOCs from financial institutions.

Crescent Fibres Limited (CFL) was incorporated in Pakistan as a public limited company in 1977 and manufactures and sells yarn.

As of June 30, 2025, the local general public holds the majority stake in CFL with 48.45% of shares, followed by directors, the CEO, their spouses, and minor children, who collectively hold 36.98%.

Meanwhile, Alkaram Textile Mills (Pvt) Limited is one of Pakistan’s largest vertically integrated textile companies.

The company’s sales mix is 80% exports and 20% domestic. Approximately 14-15% of its domestic sales revenue comes from e-commerce, with plans to increase this to 20%.