PIA shares surge over 650% after reform efforts

KARACHI: Following reforms in the Pakistan International Airlines (PIA), the shares of the national flag carrier recorded over 650 per cent surge during trading at the Pakistan Stock Exchange.

In the last few weeks, the PIA shares jumped to Rs32 from Rs4.50. Recently, the share value of PIA rose to Rs32 from Rs27.

According to market experts, the share price is going up due to the confidence of investors after the reform process in the PIA.

With a share value of Rs32, Pakistan International Airlines has become 70th largest shareholder of Pakistan.

It is to be noted that all financial losses and debts of the National Airline have been cleared as it has been shifted to the withholding company before the privatization.

Read more: Good news for economy: PIA losses, debt cleared

The officials stated that the Pakistan Stock Exchange has been notified about the clearance of PIA’s balance sheet.

After the recent development, PIA has become an attractive investment opportunity for major players in the aviation sector.

Yesterday, bids for the privatisation of Pakistan International Airlines were sought from the buyers by May 3.

The government of Pakistan only wants to privatise the aviation department of the national flag carrier and is interested in selling 51pc shares of the national flag carrier, while 49pc shares’ ownership will remain with the government.