TDS Desk:

In a media release issued Thursday  (23 January), the company cited market instability, discrepancies in accounts with its bank, shortages of raw materials and declining production activities as the primary reasons behind the decision.

The factories are scheduled to cease all operations from 1 May. Besides, the dyeing and utility division of the company will be permanently shut down from 25 May.

This development marks a significant shift for Keya Cosmetics, which has been a key player in the cosmetics and personal care industry. The company has yet to release details about its future strategy following the closure.

The decision comes amidst growing concerns over market conditions and the financial pressures faced by businesses in the sector.

Keya Cosmetics’ management has expressed regret for the situation but emphasised the necessity of the move to address the challenges at hand.