Al-Ghazi Tractors Limited has officially refuted claims that vendors have ceased supplying parts to the company, calling the media reports “incorrect and not based on facts.”
In a notice to the Pakistan Stock Exchange (PSX) and the Securities & Exchange Commission of Pakistan (SECP) on Monday, Al-Ghazi Tractors said that its operations are proceeding as normal and that there have been no disruptions in supply due to delayed payments.
“We would like to inform you and all members of the Exchange that the aforementioned news item is incorrect and not based on facts. Contrary to the news item, the company continues to receive regular supplies from its vendors. There have been no disruptions in supply due to delayed payments, and the Company’s operations are proceeding as normal,” read the notice.
The company’s response was prompted by the news in a section of print media published on August 9, 2024, which alleged that vendors had stopped supplying parts to two major tractor manufacturers including Al-Ghazi Tractors.
In the notice, Company Secretary Mansoor Khan emphasised that Al-Ghazi Tractors continues to receive regular supplies from its vendors and remains fully compliant with PSX regulations.
Al-Ghazi Tractors also expressed concerns over the timing of the inquiry letter from the PSX, which was issued on the same day the news article was published, leaving the company with no reasonable time to respond.
The company assured stakeholders that there was no disruption in its operations and urged the PSX to inform the TRE Certificate Holders of the clarification provided.
