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.

Ahead of election, Pakistan seals detailed plan to sell PIA

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

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KhanRA Mar 27, 2024 11:26am
Successive governments cannot run an airline. Forget about them running an entire country.
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Az_Iz Mar 27, 2024 06:09pm
PIA privatization has been in the news, looks like, forever.
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Az_Iz Mar 27, 2024 06:10pm
Believe it when it happens
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S. A. Hyder Mar 27, 2024 08:42pm
Those jackals who have made billions of dollars are at it again. How much is their share in this sell of? They have destroyed this once most profitable airline and now they will not stop and skim it.
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Ms Sameera Gohir Mar 27, 2024 09:06pm
Was bound to happen. Most of Pakistan is already owned by China...they've worked their magic on getting their foot in in various projects . And now they'll lose their only international Airline too!
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Kifayat Ullah Mar 28, 2024 05:48pm
There is no math required to reconstruct PIA as it is over employed and most of the staff is 50+.Planes are below standards.Big looter Mr.Ishaq Dar is appointed to loot and run away to London.
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Mir Adnan Yakub Mar 29, 2024 11:25am
It provides services to military during war. Do we have alternative of PIA and it's employees.?
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Tahir Mar 29, 2024 09:38pm
PIA has over 900 staff per airplane. Compare to Etihad who has 135. Guess the corrupt government and it's backers always reward their loyal supporters with jobs.
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