Bannu Woolen Mills Extends Shutdown Till May 12

Bannu Woolen Mills Limited (PSX: BNWM) has decided to extend its production hiatus from 6 May to 12 May 2023. In a stock filing, the company said it decided to extend the closure of its production activities due to the current economic situation and its effect on the ability of banks to open letters of credit (LCs) for the import of raw materials. However, it further said that production activities will resume on 13 May 2023. Back in March, the company temporarily shut down production due to the reasons mentioned above. It is pertinent to mention here that the restrictions on opening LCs have impacted many industries with many companies forced to temporarily halt production activities. The company’s scrip at the bourse closed at Rs. 22.7, up 1.34 percent or Rs. 0.3 with a turnover of 13,500 shares on Thursday.