One of Pakistan’s largest textile companies, Nishat Chunian to partially suspend operations

Nishat Chunian Limited, one of Pakistan’s largest textile companies, informed investors on Wednesday that it was temporarily shutting off some spindles because of market conditions. In a Pakistan Stock Exchange filing, Nishat Chunian Limited (NCL) stated, “The company has an installed capacity of 219,528 spindles and 2,880 rotors in its spinning division. Company has decided to temporarily close 51,360 spindles after one month due to market conditions.” It said the remaining units would continue to operate as usual, while the spindles that were being shut down would be restarted as soon as market conditions improved. Nishat Chunian Limited is the latest in a line of companies that have temporarily suspended operations. Others include Indus Motor Company, the maker of Toyota vehicles, Pak Suzuki Motor Company Ltd, Bolan Castings Limited and Baluchistan Wheels Ltd. Millat Tractors Limited has been observing non-production days since Dec 16.