Lahore October 11 2022: Honda Atlas Cars (Pakistan) Ltd, the maker of Honda City and Civic, extend the shut down period of plant due to import restrictions, according to company filing to the exchange.
“Considering the current economic situation of the Country, the Government has resorted to stringent measures including minimizing the import of CKD kits and raw materials, the Company's supply chain has also been disrupted by such measures, therefore we have been pushed to extend the shut down period by another three days” says Company Chairman Aamir H.Shirazi.
On 3rd October the Company decided to rationalize its production and ultimately shut down its plant from October 04, 2022 to October 11, 2022, which has now been extended to October 15 2022.
The situation seems to improve as steps are being taken to address the grievances of local business community by the current Finance Minister.
Finance Minister Ishaq Dar said that, "he had held series of meeting and discussion with Governor State Bank of Pakistan (SBP) and asked him to compile a comprehensive value wise data in this regard before leaving for US to attend annual general meeting to facilitate the local business community."
He added that, "the SBP had compiled the data and as a first step it was decided that all the pending payments worth upto $50,000 would be cleared, adding that about 7,952 payments would be made, which would help to clear about about 52 percent pending LCs."
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