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Crescent Cotton Mills Gets Permission to Sell Property

Shareholders of Crescent Cotton Mills Limited (PSX: CCM) have allowed the company to dispose and sell its property located in Kasur district, the textile company informed the main bourse on Monday.

Shareholders have approved the sale of the company’s assets, including land, buildings, machinery, vehicles, and other equipment located at 46 Km, Lahore Multan Road, Chak # 66, Dina Nath, Tehsil Pattoki, District Kasur.

The filing revealed that the board of directors has been further authorized to delegate its powers to the CEO, Director, or others to carry out the sale, negotiate with potential buyers, and ensure that the best interests of the company and shareholders are met.

Further, the stock filing said the CEO, directors, or authorized persons are given the authority to take all necessary actions, make decisions, and execute documents on behalf of the company regarding the sale of properties.

The company was authorized to take any incidental actions related to the properties and empowered to make modifications to these resolutions as required by regulatory authorities without further shareholder approval.

Previous actions taken by authorized individuals are confirmed and ratified. The CEO and/or company secretary are authorized to ensure compliance with statutory requirements and communicate resolutions to relevant authorities. These resolutions remain in force until notified otherwise in writing, the filing added.

 

At the time of filing, CCM’s scrip at the bourse was Rs. 101 with 100 shares on Monday.

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