PSX seeks explanation from PIA over privatization issue

Islamabad: The Pakistan Stock Exchange (PSX) on Friday has written to Pakistan International Airline (PIA), expressing concerns and seeking a prompt explanation regarding the privatization problem that has impacted the price of the company's shares on the market.

Additionally, the Pakistan Stock Exchange ordered PIA to respond to two questions that clarified the report of quick progress on PIA's reorganization plan and the reasons PIA failed to update the stock exchange on the privatization process.

The national airline's shares and volume have significantly changed, according to the letter's language, as a result of the rapid spread of reorganization rumors.

The letter also stated that due to Pakistan Stock Exchange regulations, PIA was required to provide an urgent report regarding this extraordinary activity.

PSX asked PIA to promptly reject or confirm any rumors of the restructuring's acceleration.

According to the stock exchange, any sensitive information pertaining to the listed firm that could have an impact on the share price must be disclosed to all stock market participants.

The Secretary was given instructions by the Pakistan Stock Exchange to provide explanation regarding the privatization of PIA.