Karachi May 20 2024: Pakistan International Airlines Corporation Limited both A and B class shares will be delisted from Pakistan Stock Exchange on Friday May 24th 2024, according to notice issued by Pakistan Stock Exchange.
In accordance with the Scheme of Arrangement between Pakistan International Airlines Corporation Limited (PIACL) and PIA Holding Company Limited (PIAHCL), approved by the Securities & Exchange Commission of Pakistan on May 3, 2024, under Sections 279 to 283 and 285(8) of the Companies Act, 2017, PIACL has announced that the final date for Book Closure is May 25, 2024. This announcement, made through PUCARS, aims to identify the Class “A” and Class “B” shareholders of PIACL entitled to receive corresponding shares in PIAHCL.
Consequently, PIACL’s Class “A” and Class “B” shares will be delisted from the Exchange effective May 25, 2024, with the last trading day being Friday, May 24, 2024.
Trading for PIAA and PIAB shares will be available in the Regular Market on a T+0 / Spot settlement basis during the last two trading days: from 9:15 AM to 1:00 PM on Thursday, and from 9:15 AM to 12:00 PM on Friday.
According to the Scheme of Arrangement, the swap ratio will be 1:1, meaning each Class “A” share of PIACL will be exchanged for one Class “A” share of PIAHCL, and each Class “B” share of PIACL will be exchanged for one Class “B” share of PIAHCL.
