Pakistan, Aug. 1 -- The Utility Stores Corporation (USC) on Thursday formally ceased operations, in compliance with the July 31 deadline established earlier this month to close the state-owned enterprise (SOE).

Established in 1971, USC was an SOE tasked with supplying essential commodities at subsidised rates, primarily targeting low-income households. It operated over 4,000 retail outlets nationwide.

According to a USC notification from the Ministry of Industries and Production, the decision was taken in compliance with directives issued by Prime Minister Shehbaz Sharif on June 28 and a meeting of the board of directors earlier this month.

"All the sales and purchases at utility stores have been closed with effect from July 31, except...