Siddiqsons to shut down tinplate plant in Balochistan

MG News | September 05, 2024 at 03:43 PM GMT+05:00

0:00

September 05, 2024 (MLN): The board of directors of Siddiqsons Tin Plate Limited (PSX: STPL) has initiated the formal process for the closure of the tinplate plant located at Winder, Balochistan, the company said in a stock filing on Thursday.

This decision is based on reduction in sales due to a result of tax exemptions in the FATA/PATA region, an increase in use of Galvalume for food packaging instead of Tinplate, and an illegal strike by retrenched workmen preventing the Winder plant from re-opening.

The company said it will review the position after the government takes action against the health hazardous use of Galvalume in food packaging and establishes effective control over sales tax/income tax exempted tinplate imports in FATA/PATA which is sold to the Pakistani market.

"As per the procedure laid down in the Industrial and Commercial Employment (Standing Orders) of 1968 for closure of establishment, the company shall obtain permission from the Labour Court, and intimate the Exchange of further developments in due course," reads the notice.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	157,953.47 555.47M	1.14% 1775.65
ALLSHR	96,741.22 1,957.60M	1.16% 1110.83
KSE30	48,198.94 249.79M	1.09% 520.47
KMI30	232,694.17 290.89M	1.31% 3011.94
KMIALLSHR	65,027.13 1,019.78M	1.03% 660.37
BKTi	42,489.56 84.10M	1.35% 566.75
OGTi	31,779.36 15.21M	0.14% 43.57

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	117,270.00	118,295.00 116,115.00	1445.00 1.25%
BRENT CRUDE	68.27	68.32 67.34	0.32 0.47%
RICHARDS BAY COAL MONTHLY	84.00	0.00 0.00	-0.40 -0.47%
ROTTERDAM COAL MONTHLY	94.50	94.50 94.50	0.95 1.02%
USD RBD PALM OLEIN	1,106.50	1,106.50 1,106.50	0.00 0.00%
CRUDE OIL - WTI	64.04	64.11 63.11	0.34 0.53%
SUGAR #11 WORLD	16.07	16.27 16.07	-0.20 -1.23%