Another plant shutdown: Frontier Ceramics closes floor tile production
MG News | December 12, 2022 at 01:42 PM GMT+05:00
December 12, 2022 (MLN): Amid the ongoing energy crisis another company on the bourse, Frontier Ceramics Limited (FRCL) has decided to shut down its floor tile production plant for an uncertain period.
The company in its notification issued to PSX stated, “The unforeseen devaluation of rupee coupled with the government's restrictions, including letter of credit (LC) approval constraints and general economic instability are also the reasons behind the decision.”
FRCL will keep the bourse posted about the resumption of the plant.
At the time of writing, the scrip of the company is being traded at Rs25.96, which is down by Rs1.05 or 3.88% DoD.
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