GTYR halts production for a week on import issues

MG News | February 10, 2023 at 11:39 AM GMT+05:00

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February 10, 2023 (MLN): Ghandhara Tyre & Rubber Company Limited (PSX: GTYR) will temporarily shut down / close its production activities for a period of one week i.e. from February 13 to February 17, 2023, the company's filing on PSX showed today.

The decision is attributed to the immense hurdles towards importing its raw materials and obtaining clearance of consignments from commercial banks.

The company will resume its production activities on February 20, 2023.

Meanwhile, the company would continue to monitor the situation for future courses of action depending upon the stabilization of the aforesaid factors.

The company is engaged in the manufacturing and trading of tyres and tubes for automobiles and motorcycles.

At the time of writing, the scrip of the company is being traded at Rs25.75, down by 23 paisa.

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