Ghazi Fabrics Shuts Down Its Spinning Units Until Further Notice

Ghazi Fabrics International Limited (PSX: GFIL) has closed its spinning units until further notice, the textile company informed the main bourse on Tuesday. “Due to the prevailing economic conditions in the country, increase in power cost and non-availability of quality cotton at an affordable price, it is unable to continue with the production activities. Therefore, the Company has decided to temporarily shut down/close production activities of its Spinning Units till further notice,” the stock filing stated. GFIL further mentioned that for the time being, its weaving unit will remain operative. “We will continue to monitor the situation for future course of action,” it added. The main activities of the Company are textile manufacturing, production of cotton and P.C. yarn, and grey cloth that are marketed both within and outside Pakistan.