PSMC extends shutdown period of automobile plant

MG News | August 18, 2022 at 02:35 PM GMT+05:00

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August 18, 2022 (MLN): Pak Suzuki Motor Company Limited (PSMC) has decided to further extend the shutdown period of the automobile plant from August 22, 2022 to August 26, 2022.

Earlier this week, the company informed through a notice to PSX that it decided to temporarily shut down its production plant of automobile products from August 18, 2022, to August 19, 2022, due to the restrictions imposed by the State Bank of Pakistan (SBP) on CKD imports.

To note, on May 20, 2022, SBP had introduced a mechanism for prior approval for import under HS code 8703 category (including CKDs) vide circular No.09 of 2022.

According to the notice issued to PSX today, the restrictions had adversely impacted clearance of import consignment which resultantly affected the inventory levels.

Therefore, the senior management of the company took this decision due to a shortage of inventory levels.

However, the motorcycle plant will remain operative, it added.

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