ISLAMABAD: Pakistan’s largest agricultural machinery manufacturer Millat Tractors Limited has announced the closure of operations from January 6 until further notice. Citing low demand and limited cash flow, ARY News reported Thursday.
according to the details The agricultural machinery manufacturer – Millat Tractors – announced the development in a letter sent to the Pakistan Stock Exchange (PSX).
“Due to steadily declining demand for tractors and cash flow constraints, The company will remain closed from Friday January 6, 2023 until further notice,” the statement added.
The development was made because other companies Many in recent weeks have announced the closure or reduction of their operations in Pakistan. due to reduced demand shortage of inventory; or supply chain disruption.
Previously, on January 3, KSB Pumps Company Limited (KSBP) Closing a manufacturing plant in Pakistan Due to the import ban imposed by the federal government
KSB Pumps Co., Ltd. (KSBP) has announced a temporary suspension of operations at Hasanabdal plant from January 2, 2023 due to the import ban. The company also communicated its decision to the Pakistan Stock Exchange (PSX).
read: ATTOCK refinery warns of closure, calls for OGRA’s help
In addition, the automobile company Pak Suzuki Motor Co., Ltd. has announced the closure of the plant from January 2-6.
Pakistan Suzuki Motors It has written to the Pakistan Stock Exchange (PSX) that all production of cars and motorcycles will be shut down from January 2-6.
According to the car company The management decided to close it due to conditional authorization for the import of car parts and complete kits (CKD). The company stated that its supply chain was affected due to Bank of Pakistan (SBP) restrictions.
read: Textile factories across Punjab shut down amid gas shutdown.
In December 2022, another car company Indus Motor Company (IMC)It has announced a 10-day closure of its manufacturing plant due to the Central Bank’s ban on imports of complete kits (CKD).
