"/'riiitsitiisrI‹›n ‹if fJmtri‹'rIY I'Immt'IHI .hI«h'mciilx
f‹P t!t*J*rl0‹l9 cttIl+'‹I •Itltir Jtl, 2I124 iltjtl «Nl«mI›cr JII, 2ll24
I. Ttiis is »'ith rel rcncc to a letter hearing reference No. I'SX/Gen-8fI6 J4tcd May 06, 2023 on ihc a›cvc-mentioned subject received in liiis oI11cc through entail on May 23, 2023 from Ms Zccst Zchrq Jatni. Assistant Manoj;cr, Listed Companies Compliance - (ItAD), Pakistan Stock Exckangc I.invited.
i'lA I loldin ; Company I.imitcd (l'lAIICf.) ›vus incorporocd on ktorch 21, 2024, as a public limited company under the relevant statutory Fran›c vork of Pakistan. The Company has been cstat›Iislicd by tltc Government cF Pakistan »'itli time objective to succeed specified assets, liabilities and rubsidierics of I*okiston International Airlines Corporation Limited (PIACL) including specific husincss, property, rights, liahilitics and ohIit;oiions of PIACt..
A Sclicmc of Arrawt;ctncnt (SOA) hcl»'ccn I'akisIan International Airlines Corporation Limited (I'IACL) und I'IA I Icldint; Coi»puny' I.invited (I'IAIICI.) »'as sanctioned by the Securities and Excltnngc Ccn»nissioit of Pakistan (SECI') un Sta}' 03, 2021, »'iIh clTcctivc date to be April 30, 2024. 1"Iiis involved biFurcutint; F'IACL into Core and Non•Corc Undertakings. The Non-Corc Undertaking vnr ntcrj;cd itttn I*IA I hiding Company' I.imitcd (PIAIICL), with associated asscts, liabilities nitd ohligations transferred in c.xcItant;c rur I'IACt.'s entire share capital. Existing shareholder equity was preserved tltrouj;l› a sl›arc cxchanj;c arrangement, maLing FIACL a wholly-owned suh»idiary of PIAIICL. Suhscqucitlly, I'lAl fCL Ordinoq' 'A' and '0' Class Shares were designated gs Eligible Securities and PIA I ICL was listed on the Fakislan Stock Exchange, wltilc I'IACL »"us dclisicJ from the Exchanjjc '.c.f. May 27, 2024. The merger/dcmcrycr process concluded »'ill› tile transfer nf PlACt. shares io I'IAIICL shares through thc Central Depository Company of I'okisinn. this rcs‹ructurinj; aims to optimize operational efficiency and enhlncs stakeholder Yoluc.
The Coinpan)'s Niajor subsidiary i.e. PlACL is currently undergoing privatization process and as pnrt oF a fundamental requirement for this process, tt 'o special purpose audits or PIACL's Accounts »'crc conducted as on Scptcntbcr 30, 2023 (for prepamtion of the SOA) and as on April 30. 2024 (the clTcctivc dots of the SOA) by tltc Company's statutory Auditors, due to which, FIACL's regular Accounts as /›cr compliance requirements of rclevant statutes, could not be prepared end audited thereby alTccting the preparation and consolidaion oF Accounts at the Holding Company level as »'cIl.
keglstrrcd AdJrrss: 4" I'loor, I*IA fluilding, 49-AKkt Fazal-c•l laq RoaJ. Dluc Area. Islamabad
Liaison UMcr Address: Company Sccrcuuy, lst Floor, L-xccutivc Corridor, IIIA heal Oflicc. Karachi-Airport
‹›hjccli›'c anJ currently operoliiig uiidcr peculiar circumstances, whereby a lot of its operations are
currently liing«J u/t‹›ii the JcvoI‹›pit1cnts at time level of its major subsidiary PIACL and its currently
cny‹Jing Privatization prt›ccss.
l1C if1StQflt €(C|Qy in filing the Accounts For thc period ended June 30,
2024 alld s«y‹Cttbcr 30, 2024 is particularly attributed to the reasons mentioned hereinabove, which arc lorgcl}' beyond tile cIT••tiv0 COntrol of the Company. Ilowcvcr, it is assured that the Board and llic MftnagcmcMt arc cognizant oF their responsibilities and are fully committed towards their statutory and regulatory obligations to this efFcct.
6. We earnestly request your understanding in this regard and assure you that we are very much focused and trying our level best to ensure submission ofsubsequent Financial Statements in a timely manner.
Yours tnily,
Rio Muhammad Drumm
Company Secretary
Registered address: 4* Floor, PIA Building. 49-AEM Faznl-e•Haq Road. BInc Area, Islamabad Llnbon Offlee Address: Company Secretary, 1st Floor, Cxecutix c Corridor, PIA Head Office, iiarachi-Airpon