Legal segregation of PIACL discussed

ISLAMABAD: Caretaker Federal Minister for Privatisation Fawad Hasan Fawad chaired a consultative meeting on Monday on legal segregation of Pakistan International Airlines Corporation Limited (PIACL).

The meeting was attended by all the key government stakeholders including the secretaries of Finance, Aviation, Law, Privatisation Division, and Privatisation Commission as well as CEO PIACL, legal and financial consultants of the ministries and the team of the financial advisors for the divestment of PIACL.

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The financial advisors presented a proposal for the legal segregation of the PIACL aimed at the separation of core aviation business and assets for eventual divestment of core aviation services in the first instance. The non-core assets will be retained in a Holdco structure for subsequent divestment in separate structures and transactions.

The roadmap for further process was discussed in detail and inputs of all stakeholders were taken for further rationalization and presentation to CCOP/ Federal Cabinet for final approval.

Copyright Business Recorder, 2024