BM Desk: The production operations of Safco Spinning Mills Limited, a publicly traded textile firm, have been halted since February 12 of the previous year. The company has opted to extend the closure for an additional two and a half months. This update was disclosed by sources from the Dhaka Stock Exchange (DSE).
As per the source, it has been determined that the Safco Spinning factory will remain closed until August 16. This period includes the Eid-ul-Azha holiday, which falls from June 4 to June 14.
The company stated that the decision to keep the factory shut for another two and a half months was influenced by the instability and concerns surrounding the financial conditions of the country’s textile industry, along with the elevated prices of raw materials in the domestic market.
On February 18 of the previous year, Safco authorities notified the DSE that the board of directors had resolved to suspend production for two months. In June of that year, the company announced plans to resume production on July 1. However, this did not materialize. During this time, a DSE inspection team visited the factory and confirmed its closure. This information has been published and made available on the DSE website.
