Diamond Industries Limited has said on Tuesday that it has temporarily halted operations as of January 10 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 notification (PSX).
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 materials in the country because of the unfavourable economic conditions and the lack of available imported raw materials.
The event has come as a number of businesses have recently declared a halt or scaling back of operations in Pakistan due to constrained demand, inventory shortages, energy shortages and supply chain problems.
Diamond Industries manufactures and sells foam products and PVA goods used in household and commercial settings.
Experts have predicted that the situation will continue dire in the upcoming months and that the industrial sector will see negative development.