PIA shares record sharp rise

The value of Class B shares of Pakistan International Airlines (PIA) Holding Company has witnessed an extraordinary increase, ARY News reported on Monday.

PIA Holding Company’s shares crossed the Rs22,000 mark per share — a rise of over Rs 18,000 within just one month. The unexpected surge has drawn the attention of regulatory authorities.

In response to a notice from the Pakistan Stock Exchange (PSX), the PIA management submitted a formal reply stating that they are unaware of any developments or information that could justify such a sharp rise in share value.

Both the Securities and Exchange Commission of Pakistan (SECP) and the PSX have formally sought an explanation from PIA, as the spike in share prices has raised questions about possible speculative activity or undisclosed corporate actions.

In last week of April, the federal government officially issued an advertisement for the privatization of Pakistan International Airlines (PIA), opening the process for interested parties to submit bids.

This marks the second time the government has released an Expression of Interest (EOI) for PIA under the current administration.

According to officials, the government is offering to sell between 51 percent and 100 percent of its shares in the national carrier.

Interested buyers must submit their applications by 3rd June, accompanied by a non-refundable fee of Rs 1.4 million.