Engro Fertilizers Limited (PSX: EFERT) has announced an “unplanned shutdown” of its base plant on March 4th, Saturday.
In a stock filing, the fertilizer maker said it has commenced relevant analysis to understand the root cause and is undertaking appropriate measures to resume operations at the earliest.
“The Company shall keep the Pakistan Stock Exchange (the “Exchange”) posted about the situation as it evolves”, the filing stated.
EFERT is a major player in Pakistan’s fertilizer industry that has a significant impact on the agricultural sector. Saturday’s unforeseen shutdown of the company’s base plant has raised concerns about fertilizer supply and the impact on agriculture.
Pertinently, the sowing season has started in Pakistan and the plant closure may cause problems in the domestic fertilizer offtake as farmers look for a fresh start after last year’s devastating flash floods.
At the time of filing, EFERT’s scrip at the bourse was Rs. 87.15, down by 0.50 percent or Rs. 0.44 with a turnover of 113,266 shares on Monday.
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