Lotte Chemical Pakistan Limited (PSX: LOTCHEM) has decided to temporarily suspend plant operations, the company informed the Pakistan Stock Exchange on Tuesday.
“Due to lower downstream demand and to efficiently manage inventory and production, the management of the Company has decided to temporarily suspend the Plant operations from 18 October 2023 to 29 October 2023 (both days inclusive),” the stock filing stated.
This is the second time LOTCHEM has halted operations since March 14, 2023. In a filing that day, the company attributed the closure to the economic situation at the time and its impact on the ability of banks to open letters of credit for the import of raw materials.
The principal activity of the company is to manufacture and sale of Pure Terephthalic Acid (PTA).
The company’s scrip at the bourse closed at Rs. 25.8, down 3.55 percent or Rs. 0.95 with a turnover of 1,680,533 shares on Tuesday.