If the government fails to privatise PIA within three years, commercial banks will have the right to reopen the deal and demand an interest rate equal to prevailing government borrowing rates. PHOTO: FILE
Pakistan International Airlines (PIA) has requested a 30-day extension for holding its annual general meeting (AGM).
The airline submitted an application to the Securities and Exchange Commission of Pakistan (SECP), citing incomplete financial accounts and audit as reasons for the delay.
The AGM is likely to take place by May 30 after the requested extension. Sources familiar with the matter revealed that the request for respite is also linked to ongoing privatisation issues facing PIA.
A letter has been dispatched to the stock exchange, informing shareholders of the extension and the reasons behind it.
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