PSMC decides to close its Car and Two Wheeler plant

MG News | December 26, 2022 at 03:44 PM GMT+05:00

0:00

December 26, 2022 (MLN): Pak Suzuki Motors Company (PSMC) management has decided to shut down its plant for automobile as well as motorcycle from January 2, 2023 to January 6, 2023, the company’s stock filings on the stock exchange showed.

To note, the State Bank of Pakistan (SBP) has introduced a mechanism, for obtaining prior approval for imports of CKD.

“Restrictions had adversely impacted clearance of import consignment which resultantly affected the inventory levels,” it added.

Therefore, the company is unable to continue its production activities and decided to temporarily shut down the production of both plant.

At the time of writing, the scrip of the company is being traded at Rs139, which is up by Rs5.31 or 3.97% DoD.

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