Another Closure: KSTM decides to shutdown mill operations
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MG News | February 10, 2023 at 11:24 AM GMT+05:00
February 10, 2023 (MLN): The Khalid Siraj Textile Mills Limited (KSTM) management has decided to close the mill operations until March 31, 2023, due to a shortage of cotton, as per the notice issued by PSX showed.
“The floods caused the cotton harvests to be devastated. Additionally, the situation has worsened due to political unrest, import restrictions, and an unchecked dollar increase," the notification read.
Furthermore, these factors have increased inflation, undermined the rupee, surge in cotton prices, raised the cost of electricity per unit, and most importantly harmed business confidence.
Moreover, it has been decided to end the lease agreement with ASM Industries Private Limited.
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