Fecto Cement plant operations resume after IHC orders reversal of suspension
- Company says temporary suspension had no material adverse effect
Fecto Cement Limited has resumed full operations at its cement manufacturing plant in Sangjani, Islamabad, following a directive from the Islamabad High Court (IHC) declaring the earlier suspension illegal.
The cement maker disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Friday.
“We are pleased to inform our valued shareholders and the market that full plant operations have now been resumed,” read the notice.
The IHC has allowed the complete resumption of plant operations, declaring the suspension to be “illegal and without lawful authority,” said the company.
“In light of this development, the company has restored normal operations at the facility and production activities have recommenced in the ordinary course of business.”
The company’s management reiterated that the temporary suspension had no material adverse effect on the company’s long-term financial position, asset base, or business continuity.
“With this development, the company now expects uninterrupted operations going forward,” it added.
Fecto Cement Limited was incorporated in Pakistan as a public limited company in 1981. The company is engaged in the manufacturing and sale of Portland cement.
Last month, FECTO announced the completion of the sale of its investment property located near Islamabad International Airport, Rawalpindi.
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