S Alam Group has reversed its earlier decision to shut down nine factories due to an inability to open letters of credit (LC) for raw materials.
A formal notice withdrawing the closure decision was issued on Tuesday (31 December).
The notice, signed by Mohammad Borhan Uddin, Head of Human Resources and Administration at the conglomerate, announced that the closure decision taken on 24 December had been rescinded.
The revised directive will take effect from Wednesday (1 January).
The affected factories include Karnaphuli-based S Alam Refined Sugar Industries Limited, Ichhanagar’s S Alam Power Plant Limited, S Alam Cold Rolled Limited, S Alam Cold Rolled Steel NAF, S Alam Power Generation Limited, Infinity CR Strips Industries Limited, Cheman Steel Limited, S Alam Bag, and S Alam Steel.
The decision to withdraw the closure notice has been communicated to all relevant officers and employees of the organisation.
