Sunday, May 28, 2023

Pak Suzuki to Temporarily Shut Down its Plant Again

After keeping production activities suspended from January 2–6, Pak Suzuki Motor Company Ltd. (PSMCL) has extended its plant shutdown from January 9–13 due to a continued shortage of imported parts and accessories.

In a notice sent to the Pakistan Stock Exchange (PSX) on Friday, the company said “in accordance with Section 96 & 131 of the Securities Act 2015 and clause 5.6.1 (a) of PSX Regulations and further to our letter dated December 26, 2022 on above subject, kindly note that due to continued shortage of inventory level, the management of the company has decided to extend the shutdown of automobile plant from January 9, 2023 to January 13, 2023.”

From August 2022 to date, PSMCL had kept its production activities closed for 30 days due to the State Bank of Pakistan’s restrictions on taking prior permission for imports, including completely knocked-down (CKD) kits, which severely affected the clearance of consignments from the port, causing shortages of parts and accessories.

“However, motorcycle plant will remain operative. Further update, if any, in this regard will be communicated accordingly. You may please inform the TRE certificate holders of the Exchange accordingly.”

On the fate of employees because of persistent plant closures and plummeting sales of vehicles, a PSMCL official claimed that “so far no company’s employees have been terminated.”

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