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The Financial Express

Four listed cos’ shut factories due to Covid-19 pandemic

FE Online Report | Published: May 31, 2020 17:34:01 | Updated: June 02, 2020 10:56:12


Four listed cos’ shut factories due to Covid-19 pandemic

Four listed companies – Tallu Spinning Mills, Usmania Glass Sheet Factory, Monno Ceramic Industries and Monno Stafflers- have shut down their factories due to COVID-19 pandemic.

The factory of Usmania Glass Factory remained shut from March 29, Tallu Spinning from April 7 and Monno Ceramic and Monno Stafflers temporary shutdown from April 10, according to separate disclosures on Sunday.

However, company officials said, the factories will resume production once the pandemic situation becomes normal.

Many investors have known the key price sensitive information about their factory shutdown through Dhaka Stock Exchange (DSE) on Sunday as the market resumed after more than two months.

Market analysts said this has happened thanks to the pre-shutdown regulatory relaxation for the listed companies in terms of conducting mandatory board meetings and general meetings along with publishing price sensitive information on time.

The state-run Usmania Glass has informed that the management of the company has decided to temporary shutdown the factory from March 29 for the Coronavirus issues.

The factory will be reopened after the normal situation, it said.

“The factory remained shut from April 7 due to overall situation of the coronavirus and also non availability of raw materials and constraints distribution of finished goods caused by coronavirus,” said an official of Tallu Spinning, seeking anonymity.

He, however, said, the factory will resume production once the pandemic situation would become normal.

The managements of Monno Ceramic Industry and Monno Stafflers have informed that the company has decided to temporary shutdown the factory from April 10, 2020 for the Coronavirus (COVID 19) issues.

The factory of Standard Ceramic was lay off from May 16 to May 31 due to overall situation of the corona virus and also non availability of raw materials and constraints distribution of finished goods caused by corona virus.

The factory of the company was also shut down from March 26 in line with the government decision.

However, the management has decided to reopen the factory from June 1, 2020.

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