Bannu Woollen Mills Limited announced on Tuesday that it will temporarily shut down its production activities till July 15.
In a notice to the Pakistan Stock Exchange (PSX), the company said that the management has taken the decision due to the shortage of raw materials.
“Due to shortage of raw materials, the management of the company has decided to temporarily shut down/close its production activities from 02 July 2023 to 15 July 2023,” the notice said.
The notice said that production activities would resume on 16 July 2023. It also mentioned that any further updates in this regard will also be communicated by the company.
Back in May, the company temporarily shut down its production activities from 06 May 2023 to 12 May 2023. At the time the company said that the decision was made due to the current economic situation of the country and its effect on the ability of the banks to open LCs for import of raw materials.
Due to difficulties in the opening of LCs for the import of raw materials, the company also temporarily shut its production from 25 March 2023 to 05 May 2023.
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