Ghazi Fabrics temporarily shuts down spinning plant

MG News | May 14, 2024 at 12:29 PM GMT+05:00

0:00

May 14, 2024 (MLN): Ghazi Fabrics International Limited (PSX: GFIL) has decided to temporarily shut down / close production activities of its spinning units.

GFIL shared the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday.

The company is unable to continue with the production activities due to the prevailing economic conditions in the country, increase in power cost, and non-availability of quality cotton at affordable price, it said.

However, for the time being, the weaving unit will remain operative.

“We will continue to monitor the situation for future course of action,” the notice further reads.

The main activities of Ghazi Fabrics are textile manufacturing, production of cotton and P.C. yarn, and grey cloth that are marketed both within and outside Pakistan.

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