PIA Removed From Pakistan Stock Exchange Defaulters’ Segment
PIA was placed on the list in October 2018.
On Friday, Pakistan Stock Exchange (PSX) announced that Pakistan International Airline (PIA) has been removed from its defaulters’ segment.
PIA was placed on the list in October 2018. This was done after the national flag carrier was unable to hold an annual meeting and submit a statement of audited accounts for the year 2016.
In May 2019, PIA was warned by PSX to comply with financial disclosure laws to prevent suspension of trading in its shares. They were given time until May 21, 2019, to avoid immediate suspension keeping the interest of the investors into consideration.
PSX on 24th January 2020 announced that PIA has now rectified the regulatory clauses 5.11.1(c) and (d) of PSX Regulations. So, its name has been lifted off the defaulters’ segment of the exchange, it will come in effect on Monday, January 27th.
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