Kohinoor Spinning Mills Limited (PSX: KOSM) has decided to halt its production activities in the country.
According to a stock filing, KOSM will temporarily close/stop production activities at its facility with immediate effect owing to the prevailing global and economic downturn, overdue plant maintenance, high cost of production, and low price and demand.
KOSM is the third publicly listed company to announce the closure of operations in the space of one week.
Attock Refinery Limited (PSX: ATRL) notified PSX yesterday that it was temporarily shutting down its main distillation unit for eight days due to ullage constraints resulting from low demand for Furnace Oil.
On Friday, Pakistan Refinery Limited (PRL) announced to shut down its refinery for 20 days for scheduled maintenance. Kohinoor Spinning Mills Ltd is a textile spinning company. Its principal activity is the manufacturing and sale of yarn. It also exports its products.
