Back-to-back plant shutdowns: PSMC discontinues production

MG News | January 13, 2023 at 03:16 PM GMT+05:00

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January 13, 2023 (MLN): Pak Suzuki Motor Company Limited (PSMC) announced back-to-back shut down since the government imposed restrictions on issuance of Letter of Credit (LCs).

In a notice to PSX company informed, "The management has decided to extend the shut down of automobile plant from January 16, 2023 to January 20, 2023. However, motorcycle plant will remain operative."

To note, on December 26, 2022 the company declared temporarily shutdown of its automobile plant from January 02, 2023 to January 06, 2023, again on January 06, 2023, the company extended the date for shut down of automobile plant from January 09, 2023 to January 13, 2023 amid continued shortage of inventory level.

Today two more companies, which are Sitara Peroxide Limited (SPL), and Beco Steel Limited (BECO) decided to shut down its plant due to raw material shortage.

At the time of writing, the scrip of the company is being traded at Rs137.34, down by Rs2.04 or 1.46% DoD.

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