Expressing concerns, the Pakistan Stock Exchange has written to Pakistan International Airline (PIA) seeking an immediate explanation over the issue of privatization which affected the price of shares of the organization in the market, reported 24NewsHD TV channel on Friday.
Pakistan Stock Exchange also asked PIA to submit answers to two questions clarifying news of speedy work on PIA’s restructuring plan and why PIA did not inform the stock exchange about the progress for privatization.
The text of the letter said that the national airline's shares and volume have seen a sharp change since news of restructuring has accelerated.
The letter further said that PIA was obliged to immediately update regarding this unusual movement in light of Pakistan Stock Exchange regulation.
PSX asked PIA to immediately deny or confirm reports of acceleration of restructuring.
If there is any sensitive information regarding the listed company which is likely to affect the share price, it is necessary to explain the matter to all participants of the stock market, said the stock exchange.
Pakistan Stock Exchange instructed the Secretary to submit clarification regarding the privatization of PIA.