Manufacturer of foam Diamond Industries Limited announced on Tuesday that it has temporarily suspended operations as of January 10, 2023, citing a poor economic climate in Pakistan and a lack of imported raw materials.
The business informed the Pakistan Stock Exchange of the development in a notice.
The notice stated that the company had temporarily halted manufacturing operations with effect from Tuesday, January 10, 2023, until further notice, subject to the availability of imported raw material in the nation, because of the unfavorable economic conditions in the nation and the lack of available imported raw materials.
The news comes as a number of businesses have recently declared that they will either shut down or scale back their operations in Pakistan as a result of the country’s constrained demand, inventory deficit, energy shortage, and supply chain problems.
Diamond Industries is a private limited company that was established on June 18, 1989, under the Companies Ordinance, of 1984. It produces and sells foam products and PVA goods that are used in household and commercial settings.
Market analysts predict that the scenario will continue bleak in the upcoming months and that the industrial sector will see negative growth. The Pakistani manufacturer and assembler of tractors, Millat Tractors Limited, stated a few days ago that it would cease operations as of January 6 due to poor demand and cash flow issues.
