STPL postpones Tin Mill Black project amid economic challenges

MG News | October 01, 2024 at 04:22 PM GMT+05:00

0:00

October 01, 2024 (MLN): The Board of Siddiqsons Tin Plate Limited (PSX: STPL) has decided to postpone its Tin Mill Black Plate (TMBP) project due to challenging economic conditions, the company stated in its latest filing on the PSX today.

The challenges cited by STPL include high inflation, increased markup rates, and significant fluctuations in the PKR to USD parity.

"The current economic environment has created a situation where the continuation of the TMBP project is not financially feasible," it said.

Additionally, the rising costs of materials and equipment, coupled with the higher cost of capital, have significantly impacted the project's projected returns and the company's ability to proceed as initially planned.

This decision has been taken in light of the Company's need to prioritize the financial stability and sustainability of its operations during these uncertain times.

"The company remains committed to managing its resources responsibly and ensuring the long-term viability of its business," the notice concludes.

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