Karachi: In accordance with the Listing Regulations under the Code of Corporate Governance, we are conveying the following information.
A major fire broke out on Saturday January 07, 2012 in the main production area of the Spinning Unit No. 2 (comprising of 25,344 spindles) of the Cotton Division of the Company located at Lahore Road, Jaranwala, District Faisalabad. This has caused severe damage to the entire production area including building, plant and machinery, equipment and work in process. Alhamdulillah there was no injury or loss of life.
The above assets are fully insured and the extent of loss is being assessed by the insurance surveyors.
By grace of Allah, Spinning Unit No.1 (comprising of 19,680 spindles) located in the same premises in safe and is in normal production. Further, the entire inventory including raw material and finished goods were not affected.
For more information, Contact
Crescent Steel and Allied Products Limited
9th Floor, SIDCO Avenue Centre,
264-R.A. Lines, Karachi-74200 Pakistan
Tel: (021) 3567-4881-5