Karachi, Sitara Peroxide Limited, a prominent chemical manufacturing company listed on the Pakistan Stock Exchange (PSX), has announced an extension of the suspension of its production operations due to the ongoing non-availability of essential raw materials and chemicals.
In compliance with clause 5.6.1(a) of the Rule Book of the Pakistan Stock Exchange (PSX), as well as sections 96 and 131 of the Securities Act, 2015, the company's management has taken the decision to prolong the suspension of plant operations for an additional 30 days.
The shortage of crucial raw materials and chemicals has significantly disrupted Sitara Peroxide Limited's production capabilities, forcing the company to temporarily halt its operations. This extension aims to mitigate the impact of the ongoing supply chain challenges and economic uncertainties.
While addressing the situation, the management of Sitara Peroxide Limited expressed optimism that the current scenario would improve over the course of the next month, allowing the company to resume its production activities. They are closely monitoring market conditions and supply chain dynamics, with the hope of swiftly getting back on track.
Investors and stakeholders in the company will be closely watching developments during this extended suspension period, as the company seeks to navigate through these challenging times and restore its production to full capacity once the raw material situation stabilizes.
Sitara Peroxide Limited remains committed to ensuring the well-being of its employees and maintaining transparency with its shareholders throughout this period of disruption. Further updates regarding the resumption of production will be provided as the situation evolves.