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Khalid Siraj Textile Mills Publicizes Closure for Remainder of Q1 2023



KSTM PP

Khalid Siraj Textile Mills Restricted (PSX: KSTM) has determined to shut its mill operations till March thirty first, 2023.

In a inventory submitting, the yarn vendor stated it has determined to shut the mill operations on account of prevalent financial points ailing the nation.

“The floods caused the cotton harvests to be devastated. Additionally, the situation has worsened due to political unrest, import restrictions, and an unchecked dollar increase. These factors have increased inflation, undermined the rupee, driven up cotton prices, driven up the cost of electricity per unit, and, most importantly, harmed business confidence,” the submitting said.

“Further, it has been decided to end the lease agreement with M/s. ASM Industries (Private) Limited,” it added.

In addition to its defaulter standing at PSX, the Firm is engaged within the manufacturing and sale of yarn and different associated operations. Its product vary contains carded and combed yarns each for knitting and weaving end-use. The corporate’s manufacturing facility situated in Tehsil Pattoki in Kasur is provided with trendy spinning equipment from Germany, Japan, and Switzerland. The corporate exports its merchandise to Pakistan and different international locations in Europe and the Center East.





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