On March 4th, Saturday, Engro Fertilizers Ltd (PSX: EFERT) announced a “unplanned shutdown” of its base facility.
The fertiliser manufacturer stated in a stock filing that it has started the necessary analysis to establish the core cause and is taking the necessary steps to restart operations as soon as possible.
The statement added, “The Company shall update the Pakistan Stock Exchange (the “Exchange”) regarding the situation as it develops.
The agricultural sector in Pakistan is significantly impacted by EFERT, a big player in the country’s fertiliser industry. Concerns about the supply of fertiliser and its effects on agriculture have been raised as a result of the company’s base plant’s unplanned stoppage on Saturday.
Relevantly, Pakistan’s planting season has begun, and as farmers seek a fresh start following last year’s devastating flash floods, the factory stoppage may generate issues with local fertiliser offtake.
The share price of EFERT was Rs. 87.15 at the time of filing, down 0.50 percent or Rs. 0.44 from Monday’s turnover of 113,266 shares.