The Stock Exchange Fiasco for PIA share holders

[Amaad Lone]

Over six months ago the government floated the idea of selling PIA and the share went from 5 rupees to over 30 rupees within a few months.

The government continued with cleaning up the toxic balance sheet of PIA and created a PIA Holding Company with 650 billion of debt and non-core assets like properties and hotels.

The government then de-listed PIA from the stock exchange and moved its shares owned by the public to PIA Holding Company (a dead company).

Now the share falls every day by 7% (maximum allowed) until it will reach a low level of 1 or 2 rupees.

Why were the share holders of PIA moved to PIAHCLA and not get the benefit related to privatisation???

Who made money when the shares rose from 3 to 30 rupees and then who decided to de-list PIA and move its shares to a dead company??

Thank god I did not touch this share.

New owners are going to be a group led by Pak Ethnol (PVT) Limited a part of Omni Group.