Crescent Cotton Mills Approves Major Asset Sale at Extraordinary General Meeting

Lahore, Crescent Cotton Mills Limited convened an Extraordinary General Meeting (EOGM) on June 03, 2024, at its registered office in New Lahore, where shareholders passed significant resolutions concerning the sale of the company’s substantial assets.

The meeting, fulfilling the quorum requirements under company law, brought forth resolutions allowing for the disposal of assets from the company’s spinning unit located at 46 Km., Lahore Multan Road, Chak # 66, Dina Nath, Tehsil Pattoki, District Kasur. According to information available from the Pakistan Stock Exchange (PSX), the resolutions were passed with necessary modifications and approved as special business items under PSX Regulation No. 5.6.9(b).

The approved ordinary resolution empowers the sale of land, buildings, plant and machinery, among other assets. The Board of Directors has been authorized to delegate their powers to the Chief Executive Officer (CEO) or any director to conduct negotiations and finalize transactions to secure the best market prices for the assets. This includes entering into sales agreements, registering deeds, and taking any steps necessary to implement the agreed-upon asset disposal.

Further resolutions confirmed that all actions previously taken by the CEO and other authorized individuals regarding these transactions are ratified and adopted as actions of the company. This authorization extends to compliance with all necessary regulatory requirements, including those from the Securities and Exchange Commission of Pakistan and the Pakistan Stock Exchange.

The meeting concluded with a directive that certified copies of the resolutions be communicated to concerned authorities and remain effective until officially revoked.

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