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Business & Finance

Restructuring Plan: PIA not shifting headquarters to Islamabad

  • PIA added that the company is in the process of improving and restructuring the airline to make it a profitable venture despite severe constraints particularly COVID-19 pandemic that has impacted PIA as well as the airline industry.
Updated 05 Jan 2021

Pakistan International Airlines (PIA) has dismissed reports that it will be shifting its headquarters from Karachi to Islamabad in the ongoing year.

In a statement issued to the Pakistan Stock Exchange (PSX), PIA stated: “The factual position is that the head office of PIACL is in Karachi.” It said that the assertion regarding shifting of head office of PIACL reported by media ‘is not correct.’

PIA added that the company is in the process of improving and restructuring the airline to make it a profitable venture despite severe constraints particularly COVID-19 pandemic that has impacted PIA as well as the airline industry.

“PIA as an ongoing process since last one year has closed its loss-making routes and is focusing on increasing frequencies and adding destinations on profitable routes. The restructuring plan, whether operational or financial with preset milestones are being undertaken with the consent of the Government and a committee headed by Special Assistant to the Prime Minister on Economic Affairs and Austerity Dr. Ishrat Hussain. The information regarding any such restructuring plan will be released whenever so approved by the Government of Pakistan.”