KARACHI: The Indus Motor Company Limited (IMC) has announced to completely shut down its production plant from December 20 to December 30, 2022.

The company in accordance with section 96 of the Securities Act, 2015 and Clause 5.6.1(a) of PSX Regulations conveyed that the State Bank of Pakistan has introduced a mechanism, via EPD Circular No. 09 of 2022 dated May 20, 2022, for obtaining prior approval for import of CKD kits and components of passenger cars (HS Code 8703 category) for the auto sector.

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The delay in the aforesaid approvals for the company and its vendors has created hurdles in the import and clearance of consignments for raw materials and components of the company that resulted in insufficient inventory levels and consequently, created an adverse impact on the supply chain and production activities.

Therefore, the company, which is unable to continue its production activities, decided to completely shut down its production plant from December 20, 2022, to December 30, 2022 (both days inclusive).

Copyright Business Recorder, 2022