Major progress in PIA's privatisation process

In a recent development in the process of Pakistan International Airlines (PIA) privatization, two crucial milestones were reached on April 20 and 21, ARY News reported on Monday.

According to the announced statement, PIA reached two significant milestones in its organizational development on April 20 and 21.

PIA’s shareholders and creditors have jointly approved the scheme of administration. This scheme, signed in an extraordinary shareholder meeting, is integral to the restructuring process aimed at enhancing the airline’s efficiency and viability.

Moreover, as part of the broader privatization efforts, the cabinet has given its approval for the divestment and restructuring of Pakistan International Airlines Corporation Limited (PIACL).

Additionally, during the restructuring process, the PIACL Creditors Meeting has ratified the management scheme, further solidifying the organization’s strategic direction and operational framework.

Last month, the federal government considered selling the majority shares of Pakistan International Airlines (PIA).

The Privatization Commission will decide on how many shares the government will sell as it nears the conclusion of the PIA privatization process, Coordinator to Prime Minister on Economy and Energy Bilal Azhar Kayani said during his appearance on ARY News show ‘KHABAR’.

According to him, the government was considering selling around 51% to a complete 100% shares of the national flag carrier.

Kayani said that the administrative control of the PIA will be handed over to the entity buying the majority of shares.