KARACHI: Pak Suzuki Motor Company Limited on Friday announced to continue its shutdown of automobile plant during next week.
In a communication sent to Pakistan Stock Exchange (PSX), the company said that due to continue shortage of inventory level, the management of the company has decided to extend the shut-down of automobile plant from January 9, 2023 to January 13, 2023.
READ MORE: Pakistan Suzuki decides plant shutdown from Jan 02, 2023
“However, motorcycle plant will remain operative,” it said, adding that further update, if any, in this regard will be communicated accordingly.
Previously, the company announced plant shutdown from January 02, 2023 to January 06, 2023.
The automobile companies that are operating in Pakistan are facing shortage of raw material after a ban imposed by the government in May 2022.
The auto manufacturing company are unable to open Letter of Credit (LCs) for import motor vehicle kits.
Although recently the State Bank of Pakistan (SBP) withdrew the condition of prior permission for commercial banks in case of opening letter of credit for import proceeds.
Industry is hoping that after ease in condition the import of raw material will be released. However, some quarters still believe that banks are running out of foreign currency so they are not opening the LCs.