PSMC (Pak Suzuki Motor Company Limited) recently announced that their automobile plant would shut down for 3 days again from October 24 onwards.
Notice sent to the PSX (Pakistan Stock Exchange) in which it has been mentioned by PSMC that due to inventory shortages caused by measures taken by the government.
“State Bank of Pakistan (SBP) has introduced a mechanism for prior approval for import under HS code 8703 category (including CKDs) vide circular No.09 of 2022 dated May 20, 2022. Restrictions had adversely impacted clearance of import consignment which resultantly affected the inventory levels.
“Therefore, due to shortage of inventory level, the management of the company has decided to shut down automobile plant for period extending from October 19, 2022 to October 21, 2022,” stated in notice.
Whereas, the plant of motorcycle would remain operative, as per PSMC.
It is pertinent to mention that it’s the 6th notice by automaker in just a time period of 3 months.