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Business & Finance Print edition: 2022-12-27

Inventory shortage: PSMCL decides to suspend production for 5 days

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KARACHI: Pak Suzuki Motor Company Limited (PSMCL) has decided to completely shut down its plant for both automobiles and motorcycles from January 2, 2023, to January 6, 2023, due to the inventory shortage.

According to the letter sent to the PSX, the company stated that the management in its earlier letter dated August 16, 2022, explained that the 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, and the restrictions had adversely impacted the clearance of import consignment which resultantly affected the inventory levels.

Therefore, the management of the company has now decided to completely shut down its plant for both automobiles and motorcycles from January 2, 2023, to January 6, 2023, due to the inventory shortage.

Copyright Business Recorder, 2022

SBP motorcycles PSX auto sector PSMCL INVENTORY SHORTAGE Economic distress automobiles

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