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Pakistan International Airline Corp (PIAa.KA)

PIAa.KA on Karachi Stock Exchange

20 Oct 2017
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Latest Key Developments (Source: Significant Developments)

Pakistan International Airline Corp - Security officials, protesters clash during Pakistan strike - Reuters
Monday, 1 Feb 2016 10:52pm EST 

Pakistan International Airline Corp:Pakistani security personnel on Tuesday clashed with marchers protesting government plans to privatise the ailing national airline, a skirmish that a hospital official said killed at least two protesters and injured eight - RTRS.Protesters said paramilitary forces fired after a confrontation as security forces tried to block the strikers nearing the airport in the southern economic hub of Karachi. - RTRS.But a spokesman for the paramilitary Rangers force and a senior police officer denied that any of their members had fired. - RTRS.The violence came as hundreds of airline employees held the latest of a months-long series of protests against the plans to privatise Pakistan International Airlines (PIA) - RTRS.Despite the strike in Karachi and at PIA offices across Pakistan, flights suffered no major disruption on Tuesday. - RTRS.Once a source of pride for Pakistan, flights of the loss-making carrier are now frequently cancelled and many of its aircraft have been cannibalised to keep others flying. - RTRS.The government has sought to allay fears the move could bring mass layoffs, but sporadic protests have continued. - RTRS.The government expressed "sadness and sympathy" for those killed or injured on Tuesday, but also warned against further protests. - RTRS.  Full Article

Pakistan International Airline Corp - Pakistan privatisation hits snag as airline workers walk out - Reuters
Monday, 14 Dec 2015 10:02pm EST 

Pakistan International Airline Corp:Employees of Pakistan's ailing national airline on Tuesday walked out in protest over its planned privatisation, disrupting flights and undermining a central plank of reforms promised by Prime Minister Nawaz Sharif in return for an IMF bailout - RTRS.In September 2013, the International Monetary Fund saved Pakistan from a possible default by agreeing to lend it $6.7 billion over three years. - RTRS.In return, Pakistan said it would broaden its tax base, cut electricity subsidies and privatise failing state companies that lose taxpayers around $5 billion a year. - RTRS.Soliciting buyer interest in Pakistan International Airlines PIAa.KA, whose accumulated losses stand at $2.29 billion, by Dec. 31 is one of the major steps Islamabad needs to take for the programme to continue - RTRS.But the government is struggling to meet that deadline after a delay of many months in amending a 1956 law that bars PIA from being privately owned. On Dec. 5, the government issued a presidential decree to turn the national flag carrier into a limited company - RTRS.PIA workers are demanding that the ordinance be retracted. Political opponents accuse the government of bypassing parliament by opting for a decree over an amendment that would require lawmakers to vote - RTRS.PIA spokesman Daniyal Gilani said airline offices, including reservation booths, remained closed through Tuesday and pilots had joined the strike - RTRS.  Full Article

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