Karachi, Bannu Woollen Mills Limited has disclosed material information regarding the extension of the closure of its production process. The company has stated that due to the current economic situation and its impact on the ability of banks to open letters of credit (LCs) for importing raw materials, it is unable to continue with its production activities.
As a result, the company has decided to extend the temporary shutdown/closure of its production activities from May 6th, 2023, to May 12th, 2023. This decision has been taken to ensure the sustainability of the company's operations and to maintain its financial stability.
The management of Bannu Woollen Mills Limited has assured its stakeholders that the production activities will resume from May 13th, 2023. The company has also pledged to keep all stakeholders updated on any further developments regarding this matter.