PIA placed on PSX defaulter segment

The Pakistan Stock Exchange (PSX) issued a notice on Wednesday announcing that it had placed Pakistan International Airlines (PIA) on its defaulters' segment.

According to the notice, the national flag carrier was placed on the list for failure to hold an annual meeting and submit a statement of audited accounts for the year ending Dec 2017.

According to the notice, if a company fails to hold an annual general meeting or submit a statement of audited accounts for two consecutive years, "trading in shares of the company shall be suspended immediately by the Exchange".

It added that the company could be given 90-days to resolve "non-compliance" after which further action could be taken.

Speaking to DawnNews TV, PIA spokesman Mashood Tajwar said that the company had not provided the account details for one year, not two years, and they were attempting to rectify the matter as soon possible.

He added that an annual general meeting would be called very soon.

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Comments (14) Closed

M. Saeed

Oct 10, 2018 01:11pm

This is the start of the charade of failing and fast falling national pillars of existence in the much hyped for nothing, New Pakistan.

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Anti-Corruption_Pakistani

Oct 10, 2018 01:11pm

PIA in trouble because of previous government's mismanagement and mishaps, as Nawaz Sharif and his cronies were more interested in making money through their corrupt practices. And, as a result, they ignored PIA, Pakistan Steel, Railway and other institutions - this is the financial mess they have created for PTI. It will take time to get out of our current mess, and one way would be to recover all looted money quickly by applying Saudi model - their is no other way to recover looted money.

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Najum

Oct 10, 2018 01:26pm

Who in the right mind would buy PIAC shares.

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Altaf

Oct 10, 2018 01:28pm

@M. Saeed, sadly you have forgotten your history rather quickly! How dare you blame state of PIA on the current government which inherited broken institutions and bankrupt government owned assets due to their past 10+ years of plundering. Please have some respect when you make such generalizations.

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Shib

Oct 10, 2018 01:31pm

@Anti-Corruption_Pakistani very correct ...Thanks for calling spade a spade..Aa a nation we need to have this courage to move forward...

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citizen

Oct 10, 2018 01:36pm

PSX is expecting too much from PIA, though it knows about PIA very well .....

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Gerry dcunha

Oct 10, 2018 01:55pm

PTI should sue the previous two govt. For their mismanagement and ask them to pay the debt of these institutions whic was under their control.

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Saood

Oct 10, 2018 02:41pm

Thank you pti

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Saood

Oct 10, 2018 02:44pm

@Gerry dcunha .its like suing themselves as they have take all the corrupt into there party

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Anti-Corruption_Pakistani

Oct 10, 2018 03:05pm

@M. Saeed - don't be so pessimistic, be brave and accept ground realities - the fact is that PTI inherited the financial mess created by Nawaz Sharif and his cronies. And stop defending corrupt mafia, be impartial and think positively for the sake of nation and our future generations - be patriotic and optimistic!

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Shah

Oct 10, 2018 03:26pm

@M. Saeed So where was you when the previous governments were taking up huge loans and destroying the pillars of government? Why was you silent for 10 years?

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Iftikhar Husain

Oct 10, 2018 04:59pm

This airline is never out of bad news.

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Ali

Oct 10, 2018 05:40pm

PM Imran Khan has other things needing his attention but he must demand immediate review of PIA affairs. The top management must be replaced by best aviation professionals to restructure the national flag carrier, excess staff given jobs by PML and PPP on political grounds must be sacked, and a new corporate culture introduced of professionalism and excellence to make PIA profitable and "Great People to Fly With" again. Without such bold and honest action the failing airline will become bankrupt, such failure of management will not be accepted.

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thoughts

Oct 11, 2018 06:35am

Time to close down PIA and PSM, since they only exist as bottomless pits for taxpayers money! Time for government to get out of all business!

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