Khalid Siraj Textile Mills Limited (KSTM) on Monday announced it will extend the shut down of operations until May 31, citing issues ranging from the high cost of doing business to import restrictions as the ongoing economic crisis in Pakistan continues to take a toll on industries.
The yarn manufacturer disclosed the information in a notice to the Pakistan Stock Exchange (PSX).
“Further to our letter dated 10-02-2023…. kindly note that the situation has worsened due to continued political unrest, import restrictions, and an unchecked dollar increase. These factors have increased inflation, undermined the rupee, driven up cotton prices, driven up the cost of electricity per unit, and, most importantly, harmed business confidence,” read the notice.
“The mill management of the company has decided to close the mill operations until May 31, 2023,” it added.