Sitara Peroxide Limited (PSX: SPL) has decided to temporarily halt production activities for two weeks, the company informed the Pakistan Stock Exchange on Friday.
Due to the non-availability of raw materials/chemicals, the management of the company has decided to temporarily stop the production activities of the Company with immediate effect, SPL said in a stock filing.
“The management is hopeful that current situation will improve; enabling the Company to resume its production activities after two weeks,” it added.
SPL has so far had a quiet year after initially stopping production activities in January 2023. Later on February 14, it extended the suspension of plant operations and production activities for 10 more days before rebooting again on February 24.
At the time, the company said the decision was taken as it wasn’t possible to operate its facility due to the prevailing global and economic downturn, overdue plant maintenance, and non-clearance of letters of credit (LCs) of necessary raw materials.
The country’s economic situation has failed to improve despite expectations on part of SPL since then, leaving the company no other choice but to temporarily halt operations once again.
Sitara Peroxide is a manufacturer of decontaminating and disinfecting chemicals. The principal activity of the company is the manufacturing and sale of hydrogen peroxide.
SPL’s scrip at the bourse closed at Rs. 12.8, down by 1.31 percent or Rs. 0.17 with a turnover of 24,500 shares on Friday.
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