Quetta: Sidiqsons Tin Plate Limited has initiated the formal process to shut down its tinplate production facility in Winder, Balochistan, as of September 4, 2024. This decision follows a board resolution citing decreased sales and operational challenges.

According to information available from the Pakistan Stock Exchange (PSX), the board's decision to close the plant stems from several key factors: a notable reduction in sales due to tax exemptions in the FATA/PATA region, a shift in market preference towards Galvalume for food packaging over tinplate, and an illegal strike by retrenched workers that has hindered the plant's operations.

The company outlined that the closure aligns with the procedural requirements set by the Industrial and Commercial Employment (Standing Orders) Act of 1968, which includes obtaining permission from the Labour Court for the shutdown. Sidiqsons Tin Plate Limited plans to re-evaluate this decision pending governmental actions regarding the regulation of Galvalume use in food packaging and the control of tax-exempted tinplate imports from FATA/PATA.

Further developments will be communicated to the Pakistan Stock Exchange as required by PSX Regulation Clause 5.6.1 and Securities Act Sections 96 and 131.