Crescent Cotton Mills Limited (PSX: CCM) have accepted a buyer’s offer of Rs. 550 million for its spinning unit located in Tehsil Pattoki, District Kasur.
“The Chief Executive Officer and Director have negotiated the offer with the buyer. The offer of the buyer to purchase the entire assets of company’s spinning unit located at 46 Km, Lahore Multan Road, Chak # 66, Dina Nath, Tehsil Pattoki, District Kasur for a total consideration of Rs. 550.000 million has been accepted,” the stock filing stated.
In order to execute the transaction the Assets Sale and Purchase Agreement between the Seller and Buyer has been duly signed, it added.
The Company is engaged in the manufacturing and sale of yarn and hosiery items along with buying, selling, and otherwise dealing in cloth.
The Company also operates an embroidery unit.
