Al-Ghazi Tractors Limited’s tractor industry on the verge of collapse

Karachi: While we cannot comment on the ferocity of Business Recorder’s reports declaring the tractor industry “on the verge of collapse”, the tractor industry is in indeed under stress following the imposition of sales tax on tractors in March 2011. Company’s Directors’ report for the first quarter ended March 31, 2011 dwelt on the forthcoming decline in bookings- copy attached for reference.

It may be noted that we had closed our plant in mid July for annual maintenance, a routine process. We will review the status after the maintenance is completed. Any unusual closure of the plant, if any, will then be communicated to the SECP and the Stock Exchange.

For more information, contact:
Sobika Muzammil
Company Secretary
Al-Ghazi Tractors Limited
11th Floor, NICL Building,
Abbasi Shaheed Road,
G.P.O. Box No. 1299,
Tel: +9221 35660881-5
Fax: +9221 35689387