PIA faces yet another blow

PIA faces yet another blow

*ISLAMABAD - Pakistan International Airlines faces yet another financial blow.*

*The Pakistan Stock Exchange has put Pakistan International Airlines on its default segment.*

* PSX had suspended trading of its shares for 90 days with effect from October 10 (today).*

According to a PSX notice, PIA hasn’t held the annual general meeting of its shareholders nor submitted its audited annual accounts for two consecutive years, which is a violation of the stock market rules.

After PIA failed to comply with these rules, the PSX suspended trading of its shares and gave the national flag carrier three months to comply. If it fails to do so, the suspension can be extended to another 90 days, the notice reads.

PIA has not paid any dividend to shareholders in the last five years. Its stock rose 4% to close at Rs4.92 per share on October 9, the last time it was traded, with 2.1 million shares changing hands.