Companies are still being impacted by Pakistan’s ongoing economic turmoil. The closure of operations will now last until May 31, according to a statement made on Monday by Khalid Siraj Textile Mills Ltd. (KSTM).
The high cost of doing business and import limitations were cited as causes.
The yarn manufacturer sent a notice to the Pakistan Stock Exchange (PSX) with the information.
Please take note that the situation has gotten worse since our letter of February 10, 2023, as a result of ongoing political upheaval, import restrictions, and an unchecked dollar growth.
These reasons have weakened the currency, pushed up cotton prices, raised the price per unit of power, and, most crucially, damaged corporate confidence, according to the notice.
The company’s mill management opted to halt operations until May 31, 2023, it continued.