Pak Suzuki Extends Plant Shutdown — Why??

Web Desk — Due to low inventory supply, Pak Suzuki Motor Company Ltd (PSMCL) has extended its plant shutdown to September 8-9, according to the company’s filing in the Pakistan Stock Exchange filing on Friday.

However, its motorcycle plant will keep operating.

A filing by the company stated that the State Bank of Pakistan’s condition requiring prior approval for imports of specific HS codes, including completely knocked down (CKD) kits, “adversely affected clearance of import consignment and thus inventory levels”.

The company stated that it had no other option but to extend its automobile plant shutdown to Sept 8-9.

Last month, the company had to shut its plant from Aug 18-19, Aug 22-26, and Aug 29-31.

The company recently resumed the booking of a few four wheelers models after suspending it from July 1 onwards.

The Shehbaz Sharif government imposed a ban on the import of non-essential and luxury items under an “emergency economic plan” in May. The ban was subsequently lifted in August but Federal Finance Minister Miftah Ismail argued that the automobile sector, among others, would only be allowed to import half of what it used to earlier for some time.