Meeting in Progress of Pakistan International Airlines Corporation Limited.

Karachi: Pakistan International Airlines Corporation Limited informed Pakistan Stock Exchange that a meeting of the Board of Directors of the Company scheduled to be held on July 18, 2019 at Karachi to consider Annual Audited Financial Statements for the year ended December 31, 2017 is in progress.

Pakistan International Airlines Corporation (PIAC) has been converted via Pakistan International Airlines Corporation (Conversion) Act, 2016 (Act No. XV of 2016), dated 19 April 2016 from a statutory corporation to a company governed by the Companies Ordinance, 1984. The new entity is called Pakistan International Airlines Corporation Limited (PIACL).

Through the PIAC (Conversion) Act, 2016, PIACL has succeeded to all the assets, liabilities, duties and obligations of PIAC. Similarly, PIACL is now entitled to the benefits of all notifications, licenses, permissions, sanctions, authorizations, concessions, decrees, international air service authorizations, agreements, orders and benefits issued or granted in favour of PIAC.

All employees of every grade and category of PIAC is hereby assured that they stand transferred by the PIAC (Conversion) Act, 2016 to PIACL with the same designation and on the same terms and conditions as they held in PIAC.

All lenders (foreign and local, fleet and non-fleet) and other...