Suzuki announces plant shutdown

The National Nigeria Pak Suzuki Motor Company (PSMC) said it has further extended the shutdown of its automobile production plant from August 29 to 31, citing import restrictions by the State Bank of Pakistan (SBP) that have “adversely impacted clearance of import consignments, which resultantly affected the inventory levels”. In a notice to the Pakistan Stock Exchange (PSX), PSMC said that the SBP has introduced a mechanism for prior approval for import under HS code 8703 category (including CKDs) vide circular No.09 of 2022 dated May 20, this year. “(These) restrictions had adversely impacted clearance of import consignment which resultantly affected the inventory levels,” said PSMC. As a result, PSMC said it is facing a shortage of inventory level, thus the management of the company has decided to further extend the shutdown period of the automobile plant. Earlier last week, PSMC had notified the PSX that it wouldbe suspending its automobile production from 22-26th August 2022 on account of a drop in inventory levels. more…