Indus Motor Company temporarily shuts operations

KARACHI: Indus Motor Company (IMC), the assembler of Toyota vehicles, has announced that production operations will be temporarily suspended from Sept 26 to 30 due to parts shortage.
In a stock filing on Wednesday, the company said it is currently experiencing low levels of raw materials and component inventory, besides facing ongoing supply chain challenges. This has resulted in a shortage of parts and components necessary for vehicle production.
The company added that it is unable to meet its production requirements. IMC also closed its plant from Aug 6 to 8 for the same reasons.
Siemens plans job cuts
As certain employees will part ways, Siemens Pakistan Engineering Company has decided to transform one of its operational segments within Smart Infrastructure — Electrification and Automation Business. The estimated cost of a one-time transformation is approximately Rs556 million.
In a regulatory filing, Siemens said this change better aligns the business to serve the local market and its customers, enhancing shareholders’ value by embedding the required flexibility in its operation.
OGDCL finds gas
OGDCL has announced a gas discovery in Khairpur district of Sindh, which will help improve energy security from indigenous resources and add to the hydrocarbon reserve base. In a stock filing, the company said that Sawan South Joint Venture, comprising OGDCL (20pc working interest), United Energy Pakistan Ltd, the operator (75pc), Government Holding Private Ltd (2.5pc), and Sindh Energy Holding Ltd (2.5pc), has discovered gas from Lower Gour B Reservoir Sand of Akhiro-1 well located in Khairpur.
Security Papers profit surges
Security Papers Ltd (SPL) reported a 54pc year-on-year increase in its profit-after-tax to Rs1.489 billion, and a record sales revenue of Rs7.312bn in FY24. The shareholders at a board meeting also approved the highest-ever dividend of Rs12.50 per share.
Published in Dawn, September 26th, 2024