KARACHI: Pakistan Stock Exchange (PSX) has warned Pakistan International Airline (PIA) of suspending share trading from May 22, 2019 for non-compliance of regulations.
The PSX referring to the notice issued on October 09, 2018 to PIA regarding non-compliance said that PIA has still failed to hold its annual general meeting for the year ended December 31, 2017.
“Further, the deadline for holding the AGM for the year ended December 31, 2018 has expired on April 30, 2019, which was required to be held within 120 days from the date of closure of financial year,”
The non-holding of AGM and non-submission of annual audited accounts for two consecutive years attracts action of suspension of trading in its shares under PSX Regulations.
The PSX said that trading in shares of the company is required to be suspended immediately, however, in order to avoid immediate suspension in the interest of investors, PIA has been advised to rectify the defaults within 14 days i.e. by Tuesday May 21, 2019, failing which trading in its shares shall be suspended with effect from May 22, 2019.
It further said it should be noted that upon failure of the company to rectify its default within seven trading days i.e. by Friday May 10, 2019 trading in the shares of the company shall be converted to SPOT (T + 0) settlement for the next seven trading days i.e. till Tuesday, May 21, 2019.