PIA Summons Emergency Board Meeting to Discuss Privatization Matter

Pakistan International Airlines Corporation Limited (PLACL) has summoned a meeting of the Board of Directors on Monday not only to discuss privatization but also to approve the third quarterly financial statements for the period ending on September 30, 2023. According to the details, the company secretary PIA has written a letter to the General Manager Pakistan Stock Exchange Limited for an emergency Board meeting. “This is to inform you that a meeting of the Board of Directors of Pakistan International Airlines Corporation Limited (PLACL) will be held on Monday, March 25, 2024, in Islamabad, to consider the Third Quarterly Financial Statements for the period ended September 30, 2023, for declaration of any entitlement,” it said. The filing said the company has declared the Closed Period from Friday, March 22, 2024, to Tuesday, March 26, 2024, (both days inclusive) as required under Clause 5.6.4 of PSX Regulations. Accordingly, no director, CEO, or Executive shall, directly/indirectly, deal in the shares of the PIACL in any manner during the Closed Period. The federal cabinet on Wednesday approved the formation of a holding company for the privatization of Pakistan International Airlines (PIA). Authorities working on the privatization process have been trying hard for years to spin the carrier’s debts into a separate entity.