January 15, 2020 (MLN): Pak Suzuki Motor Company Limited on Wednesday issued a clarification on the news doing the rounds in the media, regarding the shutting down of the company’s plant for four days during January.
Responding to PSX’s inquiry as to why the matter was not reported to the shareholders, the Company stated that the news was reported out of context in the newspaper, as the decision to shut down the plant was taken as part of normal routine business activity, and the relevant parties i.e. the vendors were duly informed about it.
“In normal routine business activity, PSMC informed its vendors that production operations of the company will remain suspended for four days during January 2020 and during these days the company will not receive supplies. The decision was taken primarily to rationalize the inventory. The information which was communicated to vendors is for day to day operation of the company” the notice said.
The company further attempted to make it clear that the shutting down of the plant had nothing to do with its performance.
“It may be noted that the demand for company products improved in December as compared to the previous month. Sales volume increased from 5,890 units in November to 8,781 units in December” the notice added.
In the end, the company informed all market participants that the above-mentioned matter was not required to be reported to PSX, as it was not price sensitive.
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