Karachi August 29 2022: Pak Suzuki Motors Limited extend the shut down period by another 3 days as company faces issues with opening of LCs due to restrictions of Central Bank, according to company filing to the exchange.
Earlier on August 16, 2022 company shut its plant for two days and later on for another five days from August 22, as the State Bank of Pakistan (SBP) has introduced a mechanism for prior approval for import under HS code 8703 category (including CI(Ds) vide circular No.09 of 2022 dated May 20, 2022. Restrictions had adversely impacted clearance of import consignment which resultantly affected the inventory levels.
Therefore, due to shortage of inventory level, the management of the company has decided to further extend the shut down period of automobile plant from August 29, 2022 to August 31, 2022. However, motorcycle plant will remain operative. Further update, if any, in this regard will be communicated accordingly.
