KARACHI: Pak Suzuki Motor Co. Limited on Friday announced shut down of its automobile plant till January 20, 2023.
In communication sent to Pakistan Stock Exchange (PSX), the company said that due to continued shortage of inventory level, the management of the company had decided to extend the shut-down of automobile plant from January 16, 2023 to January 20, 2023.
However, motorcycle plant will remain operative, the company added.
Previously, the company announced plant shutdown from January 09, 2023 to January 13, 2023.
READ MORE: Pak Suzuki announces continuation of automobile plant shutdown
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.
