PIA sell-off now in sight as BoD takes major step

ISLAMABAD: The Board of Directors of Pakistan International Airlines Corporation Limited (PIACL) has taken a significant step towards the privatisation of the national carrier by approving a Scheme of Arrangement (SoA) in its 83rd meeting.

This decision, aimed at restructuring the airline, was sanctioned along with its ancillary modalities and is set to be filed with the Securities and Exchange Commission of Pakistan (SECP).

Pakistan Stock Exchange has been informed on Tuesday.

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Prime Minister Shehbaz Sharif recently approved the reconstitution of the Cabinet Committee on Privatisation (CCoP), with Minister for Foreign Affairs Ishaq Dar appointed as its chairman.

Dar is also part of another committee, chaired by the Minister for Defence, tasked with overseeing the marketing of outsourcing airport management and the privatization process of the PIACL.

Prime Minister Shehbaz Sharif has been actively involved in the reform efforts concerning PIA since 2023.

At that time, he had formed a committee headed by Dar as finance minister dedicated to devising strategies for the restructuring, reformation, and revival of the PIA.

The approval of the SoA marks a significant milestone in the PIA’s journey towards privatisation.

Copyright Business Recorder, 2024