Companies shut plants amid lockdowns

Published March 27, 2020
KARACHI: Markets are seen closed during the fourth day of lockdown in the metropolitan on Thursday.—INP
KARACHI: Markets are seen closed during the fourth day of lockdown in the metropolitan on Thursday.—INP

KARACHI: Companies are increasingly going towards lockdown of their manufacturing facilities, saying that those are “temporary suspension of plant operations” due to the Covid-19.

A notice to the Pakistan Stock Exchange released by the DG.Khan Cement Company on Thursday stated that it has decided to suspend plant operations at its sites in district Dera Ghazi Khan and Tehsil Kallar Kahar, Chakwal.

Indus Motor Company — the automobile assembler — also informed the exchange that it “had stopped its operations including factory as well as showroom till further notice”.

On Tuesday, Pak Suzuki Motor Company issued a similarly worded statement. Other corporates that have notified closure of their plants temporarily - for a definite period that spans a few weeks to shut down till “further notice” include: Engro Polymer, Sazgar Engin­eering, National Refinery, Akzo Nobel, General Tyre, Feroze 1888 Mills, Attock Cement, Ghani Glass (partly closed), Loads Ltd; Salfi Textile, Island Textile, Tata Textile Mills among others.

Companies said their action was in compliance with Section 96 and 131 of the Securities Act 2015 and clause 5.6 (a) of PSX Regulations. Ostensibly, all corporates that pulled down the shutters did it “in order to comply with the directives issued by Sindh Government relating to the outbreak of Covid-19".

An official of the PSX stated that companies notify such measures as “material disclosures”.

Published in Dawn, March 27th, 2020

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