PC board grants approvals for first closing of PIA privatisation transaction
The Privatisation Commission Board approved measures for the first closing of Pakistan International Airlines Corporation Limited (PIACL) privatization, aiming for transparency and economic reform.
- Progress on PIACL privatization transaction.
- Conditions precedent for the first closing.
- Government's commitment to transparent privatization.
The Privatisation Commission (PC) Board on Wednesday granted the necessary approvals to facilitate the materialisation of the first closing of the privatisation transaction of Pakistan International Airlines Corporation Limited (PIACL), according to a statement issued by the Ministry of Privatisation.
The 252nd meeting of the board was chaired by Muhammad Ali, where members reviewed progress on the transaction’s first closing.
During the meeting, the financial adviser briefed the board on progress toward fulfilment of the conditions precedent outlined in the Share Purchase and Subscription Agreement (SPSA), including key regulatory, financial and transactional requirements necessary for completion of the first closing.
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The board expressed satisfaction with the progress achieved so far and approved measures required to advance the transaction process.
The board also reaffirmed the government’s commitment to pursuing the privatisation programme in a transparent, competitive and professionally managed manner aimed at improving efficiency, strengthening investor confidence and supporting sustainable economic reforms.