Lotte Chemical Pakistan Limited (PSX: LOTCHEM) has decided to temporarily suspend plant operations till further notice.
In a stock filing, the company said, “Due to the current economic situation prevalent in the country in relation to the foreign exchange reserves and its impact on the ability of banks to open letter of credit for import of raw materials, the Company is unable to continue its production activities”.
“Therefore, the Company has decided to temporarily suspend its Plant operations from 15 March 2023 till further notice,” it stated.
The principal activity of the company is to manufacture and sale of Pure Terephthalic Acid (PTA).
The company’s scrip at the bourse closed at Rs. 24.29, down 5.23 percent or Rs. 1.34 with a turnover of 3,180,112 shares on Tuesday.