The biggest manufacturer of agricultural machinery in Pakistan, Millat Tractors Limited, has stated that it will cease operations starting on January 6 and continuing till further notice, citing weak demand and cash flow issues.
Details indicate that Millat Tractors, a producer of agricultural machinery and tractors, informed the Pakistan Stock Exchange (PSX) of the situation in a letter.
“Due to continuing reduced demand for tractors and cash flow constraints, the company will remain closed from Friday, January 6, 2023, till further notice,” the statement added.
The development occurred as a number of other businesses recently declared a shutdown or reduction in operations in Pakistan due to a decline in demand, a scarcity of inventory, or issues with the supply chain.
The federal government’s import restrictions forced KSB Pumps Company Limited (KSBP) to close its production facility in Pakistan earlier on January 3.
Due to the import ban, KSB announced that operations at its Hasanabdal factory would be temporarily suspended beginning January 2, 2023. The company also informed the Pakistan Stock Exchange of their decision.
