KARACHI: Sitara Peroxide Limited (SPL), a manufacturer of hydrogen peroxide and other chemicals, said on Thursday it was looking for ways to raise funds to restart its plant, which has been shut for weeks due to a lack of raw materials and high gas prices.
The company, which supplies hydrogen peroxide to the textile, paper, food and pharmaceutical industries, said in a notice to the Pakistan Stock Exchange (PSX) that its board had decided unanimously to explore various sources of funding to revive the company.
The board discussed the performance of the company and “in this respect it has been decided by the board unanimously to generate funds through various sources to bring out the company from the existing situation in which plant operation and production has been suspended for the last few weeks”, the notice said.
SPL had announced last month that it would halt operations for two weeks due to a shortage of raw materials and chemicals. It later extended the shutdown by another three weeks, saying it was facing an unprecedented rise in the tariff of Regasified Liquid Natural Gas (RLNG), which is used as fuel for its plant. The company reported a net loss of Rs76.8 million for the quarter ended March 31, 2023, compared with a net profit of Rs28.4 million a year earlier.
https://www.thenews.com.pk/print/1101230-spl-seeks-funds
