KSB Pumps says it will resume operations from Thursday

KSB Pumps Company Limited (KSBP), a manufacturer of industrial pumps, has announced to end its 10-day long suspension and resume plant operations from January 12, 2023 (Thursday).

The company, a subsidiary of KSB SE & Co. KGaA, shared the development in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.

“This is to inform you that plant operations will resume with essential manpower effective January 12, 2023,” read the notice.

Earlier, the company announced suspending plant operations from January 02, 2023, citing import restrictions.

“Due to import restrictions, KSB Pakistan has temporarily suspended plant operations at Hasanabdal till further notice with effect from January 02, 2023,” stated the company back then. It is principally engaged in the manufacturing and sale of industrial pumps, valves, castings and related parts and aftermarket services.

Last month, the State Bank of Pakistan (SBP) decided to roll back restrictions placed on imports with effect from January 2, 2023, allowing authorised dealers (ADs) to prioritise/ facilitate imports according to certain categories.

The central bank said that ADs may prioritise or facilitate imports under essential imports, energy imports, imports by export-oriented industry, imports for agriculture inputs, deferred payment / self-funded imports and imports for export-oriented projects near completion.

These include goods which consist of raw materials, input goods and spare parts that are used by export-oriented industries.

Pakistan remains embedded in multiple challenges including rising debt, low foreign exchange reserves, and energy shortage. Several companies in recent weeks have announced either a shutdown or reduction in operations in the country as well.