PSMC extends shutdown

KARACHI: Pak Suzuki Motor Company (PSMC) Limited has extended closure of its production plant for another four days till August 26.

In an announcement to Pakistan Stock Exchange on Thursday, the company said it would continue suspension of its production for another four days from August 22-26.

Earlier, the company had notified that its production plant would remain closed for two days on August 18 and 19, 2022.

The company said the State Bank of Pakistan had introduced a mechanism for prior approval for import under the HS code 8703 category (including CKDs). “Restrictions adversely impacted clearance of import consignment, which resultantly affected the inventory level,” it said.

Therefore, “due to shortage of inventory level, the management of the company has decided to further extend the shutdown period of automobile plant from August 22, 2022, to August 26, 2022. However, the motorcycle plant will remain operative.” Earlier this month, Indus Motors had also shut down its plant for some days on a shortage of inventory.