Скачать или смотреть Another Major Textile Mill in Pakistan Ended Operations

On Monday, Khalid Siraj Textile Mills Limited (KSTM) announced that it would be extending the shutdown of its operations until May 31. The company cited various issues, including the high cost of doing business and import restrictions, which have been exacerbated by the ongoing economic crisis in Pakistan and are taking a toll on industries.

The notice regarding the shutdown was disclosed to the Pakistan Stock Exchange (PSX). According to the notice, the situation has worsened due to continued political unrest, import restrictions, and an unchecked increase in the value of the dollar. These factors have led to inflation, a weakening of the rupee, higher cotton prices, an increase in the cost of electricity per unit, and most importantly, a loss of business confidence.

As a result, the management of the company has decided to close the mill operations until May 31, 2023. The notice, which was dated February 10, 2023, informed stakeholders about the decision to extend the shutdown.