KARACHI: A ceramic company has decided to shut down its floor tile production due to restrictions of Letter of Credit (LC) opening and prevailing gas shortage.
In a communication received by Pakistan Stock Exchange (PSX), Frontier Ceramics Limited announced the shut down its floor tile production plant for an uncertain period due to gas supply shortage.
The company further stated that the unforeseen devaluation of Pakistani Rupee (PKR) coupled with government’s restriction, including LC approval constraints and general economic instability were also the reason behind the decision.
“The resumption of operation (as the case may be) will be communicated accordingly,” the company stated in the communication.
It said the information is being conveyed in accordance with the requirements of Regulation of Pakistan Stock Exchange Limited (PSX) and the applicable provisions of the Securities Act, 2015.
The company also requested the stock exchange that the information may be disseminated amongst the TRE Certificate Holders of the stock exchange as well.
