PIA shareholders endorse share transfer to PIA Holding Company

KARACHI: In an extraordinary annual meeting held at the PIA Training Center, shareholders of Pakistan International Airlines (PIA) Corporation Limited endorsed the transfer of shares to PIA Holding Limited, ARY News reported.

The meeting was attended by the Federal Secretary of Privatization Commission, Secretary Aviation, and Financial Advisor and were present during the voting.

Addressing the participants, the Chairman and CEO of PIA highlighted the institution’s progress, including a significant increase in share value and an operating profit after 13 years.

The CEO also said that the government is planning to commence operations in Europe and the UK from June 2024, following the clearance of an ongoing audit.

The government’s commitment to revamping PIA was evident in the presence of high-level officials, underscoring the importance of the national carrier’s revitalization.

It is worth mentioning that all financial losses and debts of the National Airline have been cleared as it has been shifted to the withholding company before the privatization.

All the hurdles for the PIA privatisation have been cleared, the sources said.

In a major development as many as three Gulf countries including the United Arab Emirates, Saudi Arabia and Qatar have shown interest in buying the cash-strapped Pakistan International Airlines (PIA) as the government expedites its privatisation plan, sources said.