Karachi, Pakistan International Airlines Corporation Limited (PIACL) has declared the final date for the closure of its books on May 25, 2024, as part of a Scheme of Arrangement approved by the Securities & Exchange Commission of Pakistan. According to information available from the Pakistan Stock Exchange (PSX), this move will lead to the delisting of Class “A” and Class “B” shares of PIACL from the exchange. The shares are set to be transitioned to PIA Holding Company Limited (PIAHCL) following the sanctioned order dated May 3, 2024, under various sections of the Companies Act, 2017.

The delisting follows the finalization of the book closure date, with the last trading day for PIACL’s shares scheduled for May 24, 2024. Trading of these shares will continue in the Regular Market on a T+0/Spot settlement basis during the last two trading days, specifically between 09:15 a.m. and 01:00 p.m. on May 23, and from 09:00 a.m. to 12:00 p.m. on May 24.

Under the terms of the Scheme of Arrangement, shareholders of PIACL will receive shares in PIAHCL on a one-to-one basis for both Class “A” and Class “B” shares. The official notice regarding the listing of Class “A” and Class “B” shares of PIAHCL will be issued separately.