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The Privatisation Commission has announced that the physical shares
certificates of Pakistan International Airline Corporation (PIAC) along with
the transfer deeds have been delivered to the bankers to the offer. Applicants
have been asked to collect their shares from the bank/ branch through which
they tendered their application. The Central Depository Company of Pakistan
(CDC) has also credited the shares to those applicants who opted to receive
shares in their accounts in Central Depository System. For signature
verification and transfer of shares the successful applicants should contact
PIA's Shares section Head Office, Karachi on phone: 021-45794646 or 45793246
Fax: 021-4575712.
The Secondary Public Offer for Sale of 5% (57.5 million) PIAC shares was made
from June 7 to 9, 2004 for domestic and overseas Pakistanis to avail the
opportunity to invest in shares of the national flag carrier, which was
oversubscribed, The minimum amount of investment was Rs.10,000/- only for
buying 500 shares to give preference to the smaller applicants. The response
crossed the required amount of Rs.1.15 billion to Rs: 1.326 billion.
Exercising Green Shoe option accommodated the oversubscribed applications.
Over the period FY1999-2003, PIAC has demonstrated remarkable financial
performance, registering significant growth in sales, profitability and cash
flows. Despite the global recession in the aviation industry, PIAC has managed
to be one of the few profitable airlines in the world.