PIA privatisation plan approved by BoD
- By Salah Uddin -
- Mar 26, 2024
KARACHI: The Board of Directors of Pakistan International Airlines (PIA) has okayed the government’s plan for privatisation of the national flag carrier, ARY News reported, citing sources.
According to reports, the newly formed PIA’s Board of Directors gave the nod for privatisation after a lengthy four-hour session.
Sources have revealed that under the Securities and Exchange Commission of Pakistan (SECP) regulations, it is mandatory to obtain approval from the board for decisions. The meeting also discussed proposals regarding the future of employees.
Recommendations to retire employees who have only left four years of service have been put forward, and proposals for voluntary retirement before the PIA privatisation were also considered.
Read more: PIA privatization: Govt forms new board of directors
Furthermore, it was reported that the meeting was briefed on the company’s report by financial adviser Ernest Young regarding the privatisation.
It should be noted that the PIA Board had been inactive since October 2023. The federal cabinet had approved the new PIA Board of Directors’ formation a few days ago.
The government has already initiated the process to delegate the operations and management of Karachi, Islamabad, and Lahore airports – with the aim of generating foreign exchange to support the economy.