Pakistan International Airlines (PIA) has seen a dramatic rise in the price of its Class B shares, which surged by more than Rs18,000 in the span of just one month—climbing from Rs4,000 to over Rs22,000 per share.
The extraordinary price movement has drawn the attention of the Pakistan Stock Exchange (PSX), which has formally requested an explanation from the PIA Holding Company.
In response to the PSX’s inquiry, PIA issued an official statement denying any knowledge of developments or undisclosed information that might have influenced the sharp increase.
The airline said that it has no material information to disclose regarding the unusual spike in share value.
It should be noted that months after failed attempt, government invited fresh bids for the sale of PIA in April.
Also read: PIA launches direct Lahore-Paris flights
The investors were asked to submit an expression of interest by June 3, with the bidding process expected to take place between October and December.
The government is offering 51 to 100 per cent share capital, with management control of the national flag carrier.
