One more firm, KSB Pumps Company Limited (KSBP), shut down its production plant in Pakistan due to the import ban imposed by the federal government, ARY News reported on Monday.
The Frankenthal-based multinational engineering services company, KSBP, is a subsidiary of KSB SE & Co. KGaA is a manufacturer of industrial pumps, valves, castings and related parts and after market services.
KSB Pumps Company Limited (KSBP) announced to temporarily suspend its Hasanabdal plant operations from January 02, 2023, due to the import ban.
The firm also apprised its decision to the Pakistan Stock Exchange (PSX).
READ: ATTOCK REFINERY WARNS OF SHUT DOWN, URGES OGRA TO HELP
According to the announcement, the firm stated that it has temporarily suspended the plant operations at Hasanabdal till further notice w.e.f January 02, 2023, due to import restrictions. The company will resume operations as soon as the market situation improves and staff may be readily recalled on short notice, it read.
Earlier, an automobile company Pak Suzuki Motor Company Limited has announced to shut down its production plant from January 2 to 6.
Pakistan Suzuki Motors wrote a letter to the Pakistan Stock Exchange (PSX) that the production process of cars and motorcycles will be completely shut down from January 2 to 6.
According to the automobile company, the management decided the shut down due to conditional permission for the imports of the auto parts and completely knocked down (CKD) kits. The firm stated that its supply chain is affecting due to restriction of the State Bank of Pakistan (SBP).
READ: TEXTILE MILLS ACROSS PUNJAB SHUT DOWN AMID GAS CLOSURE
The export consignments are affecting due to the conditional permission, said the company, adding that the restriction damaged the inventory.
In December, another automobile firm, Indus Motor Company (IMC), had announced to shut down its manufacturing plant for 10 days due to the imposition of a ban on the imports of completely knocked down (CKD) kits by the central bank.
The Indus Motor Company, the maker of Toyota vehicles, announced to shut down its manufacturing plant for 10 days from December 20 to 30. It stated that the decision was taken after a ban on the imports of completely knocked down (CKD) kits by the State Bank of Pakistan (SBP).
, shut down its production plant in Pakistan due to the import ban.){kind=link}