STPL postpones Tin Mill Black project amid economic challenges

News Image

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.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 158,443.42
686.33M
-2.85%
-4654.77
ALLSHR 96,486.01
1,361.32M
-2.81%
-2790.24
KSE30 48,740.26
296.81M
-2.88%
-1444.29
KMI30 230,110.46
188.70M
-3.45%
-8223.06
KMIALLSHR 63,648.04
732.81M
-3.26%
-2144.50
BKTi 44,558.02
124.99M
-2.40%
-1095.50
OGTi 30,903.39
28.23M
-4.36%
-1409.86
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 113,965.00 116,385.00
113,645.00
-2415.00
-2.08%
BRENT CRUDE 63.55 63.63
63.41
0.23
0.36%
RICHARDS BAY COAL MONTHLY 81.00 0.00
0.00
-0.60
-0.74%
ROTTERDAM COAL MONTHLY 89.30 89.30
89.15
-0.35
-0.39%
USD RBD PALM OLEIN 1,085.00 1,085.00
1,085.00
0.00
0.00%
CRUDE OIL - WTI 59.71 59.82
59.54
0.22
0.37%
SUGAR #11 WORLD 15.57 16.21
15.53
-0.53
-3.29%

Chart of the Day


Latest News
October 14, 2025 at 09:07 AM GMT+05:00

MG Morning Breeze: Updates to Skim before Market


October 13, 2025 at 04:05 PM GMT+05:00

PSX Closing Bell: Meltdown Mode


October 13, 2025 at 03:40 PM GMT+05:00

Justice (R) Junaid Ghaffar named CAT Chairman


October 13, 2025 at 03:35 PM GMT+05:00

Thatta Cement concludes Rs5.5bn sukuk transaction


October 13, 2025 at 03:34 PM GMT+05:00

PKR remains flat, closes at 281.16 against USD



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg