KARACHI: In a significant development, Pakistan International Airlines (PIA) has requested a 30-day extension for holding its annual general meeting (AGM), ARY News reported.
The national flag carrier has submitted application to the Securities and Exchange Commission of Pakistan (SECP), citing incomplete financial accounts and audit as reasons for the delay
The airline has also dispatched a letter to the stock exchange, informing shareholders of the extension and the reasons behind it.
Sources familiar with the matter revealed that the request for delay is linked to ongoing privatization process of PIA.
The AGM is likely to take place by May 30 after the requested extension, they say.
It is pertinent to mention here as many as three Gulf countries including the United Arab Emirates, Saudi Arabia and Qatar have shown interest in buying the cash-strapped Pakistan
International Airlines (PIA) as the government expedites its privatisation plan, sources said.
Read more: PIA shares surge over 650% after reform efforts
Earlier, bids for the privatisation of Pakistan International Airlines (PIA) were sought from the buyers by May 3.
The government of Pakistan only wants to privatise the aviation department of the PIA and is interested in selling 51pc shares of the national flag carrier, while 49pc shares’ ownership will remain with the government.
The administrative control of PIA will also remain with the company buying the 51pc shares, the officials said.
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