Nishat Chunian announces shutting down operations partially
Nishat Chunian announced on Wednesday to shut down operations partially from January!
As reported, the textile giant Nishat Chunian Limited (NCL) announced that it will partially shut down its spindles in January, citing market conditions.
In a statement to the Pakistan Stock Exchange (PSX), the textile manufacturer informed that the spindles would restart operations after improvement in market conditions.
“The company has an installed capacity of 219,528 spindles and 2,880 rotors in its spinning division. The company has decided to temporarily close 51,360 spindles after one month, due to current market conditions,” Nishat stated.
“However, the remaining units are operating normally,” the statement said, adding, “The company will restart these spindles as soon as market conditions improve.”