GTYR temporarily halts production activities

March 20, 2023 (MLN): Ghandhara Tyre and Rubber Company Limited (PSX: GTYR) has temporarily halted its production activities due to the prevailing economic conditions in the country, the company's filing on PSX said.

The impact of the economic conditions has disrupted the company's supply chain, making it impossible to continue with production activities.

The closure will start on 24 March 2023 and end on 3 April 2023, after which production activities will resume on April 04, 2023. The decision to shut down production activities was made after the company found it difficult to import raw materials due to the banks' inability to open LCs.

GTYR is one of the leading tire manufacturing companies in Pakistan, and this decision to shut down temporarily will have an impact on the country's economy.

The temporary shutdown of production activities will affect the company's employees, who will be unable to work during this period. GTYR has assured its employees that it will do everything in its power to support them during this challenging time.

The decision by GTYR to shut down its production activities highlighted the impact of economic conditions on businesses in Pakistan.

The government and other stakeholders must work together to address the underlying issues and create an environment that fosters growth and development in the country's manufacturing sector.

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