PSMC further extends automobile plant shutdown

By MG News | September 06, 2022 at 04:06 PM GMT+05:00

0:00

September 06, 2022 (MLN): In the backdrop of the continued shortage of CKD raw materials, the management of Pak Suzuki Motor Company Limited (PSMC) has decided to further extend the shutdown period of the automobile plant from September 12, 2022, to September 16, 2022, the company’s filing on PSX showed today.

In a previous notice dated September 02, 2022, the company extended the shutdown of the plant from September 08, 2022, to September 09, 2022

To note, on May 20, 2022, SBP introduced a mechanism for prior approval for import under HS code 8703 category (including CKDs) vide circular No.09 of 2022.

The notice stated that the said restrictions had adversely impacted clearance of import consignment which resultantly affected the inventory levels.

Therefore, the senior management of the company took this decision due to a shortage of inventory levels.

Further, in lieu of periodic maintenance, the automobile plant will also be shut down from September 19, 2022, to September 23, 2022.

However, the motorcycle plant will remain operative, it added.

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