Nishat Chunian Limited (NCL), one of Pakistan’s leading textile enterprises, has partially shut down operations next month owing to market conditions.
In a statement to the Pakistan Stock Exchange (PSX), the textile company said the management has temporarily decided to cease roughly one-fourth of its spindles.
“The company has decided to temporarily close 51,360 spindles after one month due to market conditions. However, the remaining units are operating normally. Company will restart these spindles as soon as market conditions improve,” the letter to PSX stated
Nishat Chunian has 219,528 spindles and 2,880 rotors. Kohinoor Spinning Mills Limited (KOSM) also suspended operations this month.
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