KSB Pumps Company Limited (KSBP), a manufacturer of industrial pumps, has announced to suspend plant operations from January 02, 2023, citing import restrictions.

The company, a subsidiary of KSB SE & Co. KGaA, shared the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.

“Due to import restrictions, KSB Pakistan has temporarily suspended plant operations at Hasanabdal till further notice with effect from January 02, 2023,” said the company, principally engaged in the manufacturing and sale of industrial pumps, valves, castings and related parts and aftermarket services.

The development comes as Pakistan remains embedded in multiple challenges including rising debt, low foreign exchange reserves, and energy shortage.

Meanwhile, the State Bank of Pakistan (SBP), after unabated rupee depreciation, imposed restrictions on the opening of Letters of Credit (LCs). It has recently rolled back the restrictions subject to Pakistan’s foreign exchange position, which has weakened further in recent weeks.

On Friday, Suraj Cotton Mills Limited (SURC), a textile manufacturer, announced to curtail its production by 40%. Baluchistan Wheels Limited (BWHL), an auto parts maker, also extended the closure of production activities till January 6, citing depressed demand.

Last week, textile giant Nishat Chunian Limited (NCL) announced that it will partially shut down its spindles from January, citing market conditions.

The textile manufacturer informed the bourse that the spindles would restart operations after improvement in market conditions.

Last month, Pak Suzuki Motor Company Limited (PSMCL) announced a complete shut off its plant for both automobiles and motorcycles from January 2, 2023, to January 6, 2023, due to an inventory shortage.