Another plant shuts amid non clearance LCs: Sitara Peroxide

MG News | January 13, 2023 at 02:29 PM GMT+05:00

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January 13, 2023 (MLN): The management of Sitara Peroxide Limited (SPL) has decided to temporary stop the production activities of the company with immediate effect, a notice issued by company to PSX on Friday showed.

“Due to prevailing global and economic downturn, overdue plant maintenance and non-clearance of letter of credit (LCs) of necessary raw materials, it is not possible to operate the production facility, the company added.

The management is hopeful that current situation will improve, enabling the company to resume it is production activities after one month.

To note, the company is engaged in the manufacturing and sale of hydrogen peroxide.

At the time of writing, the scrip of the company is being traded at Rs15.50, down by 35 paisa or 2.21% DoD.

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