Sitara Peroxide Ltd Stops Production Due to Import Restrictions

Sitara Peroxide Limited (PSX: SPL) has stopped all production activities on a temporary basis. According to a stock filing, the hydrogen peroxide maker said it has to temporarily stop its production activities since it wasn’t possible to operate its facility due to the prevailing global and economic downturn, overdue plant maintenance, and non-clearance of letters of credit (LCs) of necessary raw materials. Sitara Peroxide is a manufacturer of decontaminating and disinfecting chemicals. The principal activity of the Company is the manufacturing and sale of hydrogen peroxide. The company is part of the Sitara Group of Industries and uses technology based on Turkey’s AK-KİM which is among the biggest chemical material manufacturing companies in the world and an affiliated company of AKKÖK Companies Group (Turkey). SPL’s scrip at the bourse closed at Rs. 15.12, down 4.61 percent or Rs. 0.73, with a turnover of 15,000 shares on Friday.