GFIL shuts down spinning unit due to cost and material constraints

In a notification sent to PSX on 14/05/2024. Ghazi Fabrics International Limited (GFIL) has announced the impact of economic conditions and the cotton supply.

Due to the prevailing economic conditions in the country, increase in power cost and non-availability of quality cotton at affordableprice, it is unable to continue with the production activities. Therefore, the Company has decided to temporarily shut down / closeproduction activities of its Spinning Units till further notice. However, for the time being the Weaving Unit will remain operative. We will continue to monitor the situation for future courseof action.

GFIL shares were last trading at Rs. 10.23 today.