Pakistan International Airlines Corporation (PSX: PIAA) Limited has set May 25, 2024, as the final date for book closure to determine the Class “A” and Class “B” shareholders of the company. This announcement follows the approval of a Scheme of Arrangement between Pakistan International Airlines Corporation Limited and PIA Holding Company Limited by the Securities and Exchange Commission of Pakistan (SECP) on May 3, 2024.
As a result of this restructuring, PIA will be delisted from the Exchange effective May 25, 2024, with the last trading day being Friday, May 24, 2024.
The Pakistan Stock Exchange (PSX) has announced that trading in the shares of PIAA and PIAB will continue in the Regular Market on a T+0 (Spot) settlement basis during the final two trading days, following this schedule:
| Sr | Day & Date | Time | Settlement Cycle |
|---|---|---|---|
| 1 | Thursday, May 23, 2024 | 09:15 a.m. – 01:00 p.m. | T+0 |
| 2 | Friday, May 24, 2024 | 09:00 a.m. – 12:00 p.m. | T+0 |
In accordance with the Scheme of Arrangement, the swap ratio will be:
- 1 Class “A” share of PIA Holding Company Limited for 1 Class “A” share of Pakistan International Airlines Corporation Limited
- 1 Class “B” share of PIA Holding Company Limited for 1 Class “B” share of Pakistan International Airlines Corporation Limited
This book closure and subsequent delisting mark a significant step in the restructuring of Pakistan International Airlines, aimed at enhancing the company’s operational and financial stability.
